IBPLC posts profit before tax of N1.9bn in first quarter

International Breweries Plc (IBPLC) has reported a profit before tax of N1.9 billion in the first quarter of 2022 amid cost headwinds.

According to the IBPLC’s first-quarter financials, the gross profits grew by 307 percent while gross margins expanded by +1800bps, delivering a positive operating profit of N7.8 billion (excluding net FX losses).

Commenting on the result, Hugo Dias Rocha, the managing director of IBPLC, said the company is growing ahead of the industry based on a consistent commercial strategy.

“We have continued our journey to profitability, which translates into strong results and we remain committed to creating value for our stakeholders consistently,” Rocha said.

According to Rocha, the IBPLC business started 2022 on a positive note by building on top of the momentum of a solid full-year in 2021.

“We started on the back of firm consumer demand for our brands, robust revenue management, and volume and revenue growth ahead of the industry. We saw consistent growth across our entire portfolio,” he added.

Rocha said that IBPLC has enabled its high-end company brands to grow healthy in the market such that global brands like Budweiser and Trophy Extra Special Stout, the newest innovation, are on a growth path as part of the high-end growth of above 40 percent.

IBPLC further strengthened its brands through powerful campaigns and commercial actions to grow in the market leveraging resilient consumer demand to drive volume growth ahead of the industry, with significant revenue and profit growth.

As a testament to the company’s commitment to recruiting and retaining talents who continue to thrive in an enabling and sustainable environment, IBPLC was recently recognised as the number one best place to work in the FMCG category and fifth on the list across various industries in Nigeria by LinkedIn.