International Breweries Plc reported a pre-tax loss of ₦111.8 billion for the year ended 31 December 2024, representing a 14.96% increase from the ₦97.2 billion loss in 2023.
This was driven by rising sales costs, expenses, and a significant net foreign exchange loss.
The company experienced impressive revenue growth, rising from N139.9 billion to N260.5 billion, marking an 87.63% year-over-year increase, with local sales representing 100% of the total revenue.
Despite the rise in the cost of sales from N174.3 billion to N357.6 billion, gross profit still grew to N131.35 billion, reflecting a 52.26% year-over-year increase.
On the downside, marketing, promotion, and distribution expenses climbed to N76.7 billion, marking a 39.98% increase from N54.8 billion in the previous year.
The net foreign exchange loss soared to N165.6 billion, a staggering 1050.40% increase from the N14.3 billion reported in 2023.
On the finance side, the company earned N14 billion in finance income, up from N11.1 billion in 2023.
This growth was mainly driven by call deposits, which contributed N10 billion, with the remainder coming from income generated by treasury bills.
However, finance costs also increased, reaching N34.7 billion, a 16.92% rise compared to the previous year.
