International Breweries Plc (IBPLC), a leading beverage company, recorded a remarkable increase in revenue in 2022 when compared to the revenue generated in the previous year, closing the financial year of 2022 revenue with N218.7 billion against N182.3 billion in the same period in 2021.
The Company at its recent Annual General Meeting in Lagos, presented a forum to reflect on the company’s achievements, discuss plans, and appreciate the stakeholders who have been instrumental in IBPLC’s growth and success since its inception.
With the challenging economic circumstances, the gross profit for 2022 decreased to N43.7 billion compared to the company’s profit of N46.4 billion in 2022. Finance Income increased from N3.1 billion in 2021 to N5.2 billion in 2022. There was an increase in the Net Financial Cost accruing N5.6 billion in 2022, from N 1.8 billion in 2021.
HRH, Obi of Onitsha, Nnaemeka Achebe, Chairman, Board of Directors, at the meeting, welcomed the shareholders to the meeting which according to him has been the most attended since the COVID-19 pandemic.
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Achebe noted that “The company continues to sustain its production volumes despite inflation. 2022 was a year that tested the global economy with multiple challenges. 2022 was a year of transformation for us, and we want to commend the Board of Directors for their courageous decision to embark on multiple initiatives to position our Company for better returns.”
During the meeting, key financial achievements and milestones were highlighted, showcasing IBPLC’s commitment to excellence across all areas of its operations. The company’s innovative product portfolio, strategic partnerships, and investments in state-of-the-art facilities were recognized as pivotal factors in its continuous growth.
The company’s leadership team presented a comprehensive roadmap for sustainable growth, emphasizing its commitment to innovation, customer satisfaction, and responsible business practices.
Carlos Coutino, Managing Director, International Breweries Plc, appreciated shareholders for their commitment while stating the company’s challenges occasioned by the government’s increase of excise duty from 40 Naira per litre of excise to 75 Naira per litre, noting that there will be a further increase to 100 Naira in 2024.
