Nigerian Breweries records US$703.3M revenue in 2024 amid economic challenges, innovation drive
Despite macroeconomic headwinds, Nigerian Breweries expands market share with new products and strategic acquisition in wine and spirits.
NIGERIA – Nigerian Breweries Plc has reinforced its leadership in the country’s beverage industry, maintaining the top spot in the Lager and Malt segments and ranking second in the Stout category.
The company’s strong performance and strategic outlook were shared at the 2024 Pre-Annual General Meeting media briefing held in Lagos.
Managing Director Hans Essaadi highlighted Nigerian Breweries’ robust performance, including the successful acquisition of Distel Wines and Spirits Nigeria. This move positions the company as a complete beverage provider, offering a broad portfolio to meet evolving consumer preferences.
For the 2024 fiscal year, the company achieved a record-breaking group revenue of N1.1 trillion (US$703.3M), representing an 81% increase compared to the previous year. Essaadi attributed this growth to consistent innovation in branding, targeted market strategies, and a wide-reaching distribution network.
However, he acknowledged the company’s financial challenges, noting a 98% increase in Cost of Goods Sold and a 34% rise in Net Finance Costs, which contributed to a 36% increase in Net Loss.
Essaadi affirmed the company’s commitment to quality and customer satisfaction, stating that Nigerian Breweries operates seven breweries, a melting plant, 21 depots, and 12 sales regions across Nigeria.
He stressed that the company would continue to prioritize innovation, sustainability, and consumer engagement as core pillars of its operations.
In line with this strategy, the company introduced several new products during the year. These included the Heineken lager in a 45cl bottle, a draft option for Legend Extra Stout—marking a first in the Nigerian market—and a refreshed version of the iconic Star lager brand.
Chairperson of the Board of Directors, Juliet Anammah, described the business environment in 2024 as complex, shaped by both progress and persistent economic pressures.
She highlighted the Federal Government’s efforts in implementing policy reforms such as the removal of fuel subsidies, enhanced domestic revenue mobilisation, and the unification of the foreign exchange market.
Anammah acknowledged that while inflation, currency depreciation, and fiscal deficits continued to affect the economy, there were signs of increased policy consistency and government readiness to collaborate with the private sector.
These developments, she noted, were vital to fostering long-term economic stability and industrial growth.
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