International breweries appoints Eduardo Caceres as board Executive Director

NIGERIA – Nigerian subsidiary of AB InBev, International Breweries Plc, has announced the appointment of Mr. Eduardo Caceres as an Executive Director on the Board of the Company effective 29 April, 2022.

Mr. Eduardo has had the opportunity of working for AB InBev for over a decade with hands-on experience across functions in 3 different areas of operations.

During his stint at the alcohol drinks manufacturing company, he held management roles in commercial, marketing, innovations and was Head of Revenue, Planning and Performance within the organization.

According to the maker of Trophy brand, Mr. Eduardo has a focus on the profitability of the Company, through a series of cyclictop-line planification, controls and forecasting models for the Company.

This he has been doing for about 3years until recently when he was appointed to the Board of the Company.

His appointment follows the resignation of Mr. Andrew Murray, as a Non-Executive Director from the Board.

“The Board is appreciative of the contributions of Mr. Andrew Murray to the Company and wish him well in his new assignment.

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“We pleased to welcome Mr. Eduardo Caceres to the Board and trust that his inclusion will boost stakeholder’s value,” stated the Nigeria Stock Exchange listed company.

International Breweries starts year on high note

Meanwhile, International Breweries ended the year 2021 taking a hit on its bottom-line performance, registering a loss after tax of N17.66 billion (US$42.6m) for the year ended December 2021 from a loss of N16.06 billion (US$38m) in the corresponding period of 2020.

This shows that the brewery has declared bottom line loss for three consecutive years since 2018, posting a loss of N3.93 billion (US$9.5m).

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In 2019, the loss declared spiralled by an overwhelming 607% to N27.79 billion (USS$67m), to decline in 2020 to N16.08 billion (US$38m).

Within the three years, the company grew its revenue by over 51% on the back of inflationary pressures driven by increases in prices of goods and services over the years.

During the period under review, the brewer’s revenue jumped by 33.27% to N182.30 billion (US$440m) from N136.79 billion (US$330m) registered in 2020.

Its profit earnings were impacted by heightened cost of sales and expenses. For instance, advertising and sales promotion expenses grew by 57.85% and administrative expenses went up by 28.56%.

However, International Breweries seems to be turning a corner as in the first quarter ended March 2022, the company moved from N2.6 billion (US$6.2m) loss to a profit of N721.2million (US$1.74m).

With the growing demand for Trophy lager, Budweiser, Hero among other brands, it triggered revenue growth by 47.6 per cent to N57.5billion (US$138m) from N38.96 billion (US$94m) reported in prior period.

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