International Breweries Plc (IBPLC), a proud member of AB InBev, said it has grown its revenue by 19.9 percent to N218.7 billion for the full year ended December 31, 2022.
This represents about 19.9 percent revenue growth when compared to the N182.3 recorded in the previous year 2022.
According to the company, the growth in revenue was recorded despite the challenging macroeconomic environment which was driven by pricing initiatives across its portfolios.
It said that the growth could be attributed to successful marketing strategies and the introduction of its well-received premium brand such as Flying Fish.
Carlos Coutino, managing director of International Breweries Plc, said the growth can be attributed to the consistent execution of its commercial strategy, revenue management initiatives and the implementation of a deliberate route-to-market strategy alongside a technology-enhanced trade ecosystem, which allows the company to serve its distributors and retailers better.
Coutino added that the company will remain committed to investing in its people and fostering a culture of long-term growth and value creation throughout the organization by enhancing its operating model.
Though, he said, 2022 was characterized by higher energy prices, FX illiquidity, material cost headwinds and supply chain disruptions, IBPLC’s revenue increased by 8.0 percent to N58.2 billion in quarter four of 2022 compared to the N53.9 billion recorded in 2021.
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He said that EBITDA growth was at the upper end of the company’s medium-term growth ambition and outlook.
IBPLC also achieved a 12.3 percent reduction in administrative expenses driven by a reclassification of depreciation from administrative expenses to cost of sales.
On his part, David Tomlinson, finance director, said that despite the ever-changing business environment, the company remain steadfast in executing its strategy, which has propelled the business forward.
Tomlinson however said that IBPLC’s focus on revenue management, organizational structure and commercial investment has continued to position the company for annual growth.
“Our commitment to investing in our brands, facilities and digital transformation will allow us to connect more closely with customers and consumers and support our organic growth potential while maintaining financial discipline,” he said.
Recall that IBPLC recently bagged multiple awards at the 16th edition of Sustainability, Entrepreneurship, and Responsibility (SERAS) CSR Awards, in the Best Company in Poverty Reduction and Social Enterprise of the Year categories in recognition of its Kickstart Initiative.
In 2022, IBPLC awarded a combined sum of N60 million to 50 budding entrepreneurs at the seventh edition of the Kickstart Initiative, the brainchild of the International Breweries Foundation.
The initiative is aimed at promoting and empowering youths by helping them to embrace entrepreneurship through intensive business training, mentorship, and the award of grants to kick-start their business ideas.
For 2023, the company is optimistic about the beer industry’s potential for growth and profitability and is confident in its ability to deliver superior long-term value in its quest to create a future with more cheers.
