International Breweries Records N43.7bn Gross Profit in 2022

By: Ogunleye Oluwapelumi

International Breweries Plc (IBPLC) has announced that it recorded N43.7bn gross profit in 2022 financial period. The company’s revenue rose to N218.7bn at the end of 2022 financial period from N182.3bn in the same period in 2021. The Chairman, Board of Directors, Nnaemeka Achebe, welcomed the shareholders to the meeting and noted that the company continues to sustain its production volumes despite inflation.

According to the statement disclosed at the event, Finance income increased from N3.1bn in 2021 to N5.2bn in 2022. The Managing Director, Carlos Coutino, appreciated shareholders for their commitment and noted the company’s challenges occasioned by the government’s increase of excise duty from N40 per litre of excise, to N75 per litre. He said there would be a further increase to come.

Despite the challenges, the company’s 2022 financial period was a year of transformation, and the Board of Directors was commended for their courageous decision to embark on multiple initiatives to position the company for better returns. The company continues to be a leading beverage company and a proud part of the world’s largest brewers with over 500 beer brands.