Nigerian Breweries dropped its audited FY 2024 numbers last week Friday.

Revenue hit the N1 trillion mark up 80% from the N599 billion it made in FY 2023. That’s taken the brewer into a select number of firms on the exchange to do that. They include MTN Nigeria and Dangote Cement. 

Operating margins are thin. For every N100 in revenue made in FY 2024, roughly N6.4 was operating profit. 

The bottomline numbers ended up in the red as the company recorded a N144.3 billion loss after tax. In 2023, they recorded a N105.7 billion.

This was due to a foreign exchange loss and higher finance costs (those went up by over 100% year on year). 

Shareholders won’t be getting a dividend. It last paid a dividend in the 2022 financial year.

Raw materials cost went up by over 100% from N286 billion in fy 2023 to N615 billion in 2024. I suspect they haven’t fully taken all their cost increases if revenue went up by less than raw material increase 

There are a few bright spots 

Beer volumes were up. Amazing considering how tough 2024 was for consumers and businesses. Are more people drinking? Or are existing drinkers raising their volumes? Or is it both. 

Parent company Heinken provided some colour about operations in Nigeria.

Total volume grew in the low-teens, with beer volume growth in the mid-teens ahead of the market.

Goldberg led the beer volume growth, up in the low-thirties, boosted by our dark lager, Goldberg Black.

Heineken® and Desperados supported strong premium growth, while Maltina, Hi-Malt, and Zagg led non-alcoholic malt growth.

So all in all, 2025 should be a much better year.

One of the numbers I like to look at in a company’s financial statements is executive and board pay and emoluments

That amounted to N1.9 billion for FY 2024.

N1.1 billion went to the highest paid director (that’s usually the md).