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Nigerian Breweries Reports 2023 Full Year Results

Key Highlights

  • Revenue increased 9%.
  • Cost of sales increased 15%.
  • Marketing, Distribution & Admin expenses increased 5%.
  • Operating profit declined 15%.
  • Expands operations to wines and spirits category.

Nigeria’s brewing giant, Nigerian Breweries Plc, has announced its audited results for the period ended 31st December 2023, revealing a net loss of N106 billion during the year, largely induced by the impact of the devaluation of the naira on its foreign exchange transactions.

The audited results which were released to the Nigerian Exchange Limited (NGX), indicated that revenue rose by 9% versus the prior period of 2022. The company also reported an operating profit of N44.5 billion in 2023. However, this was lower by 15% compared to the corresponding period in the previous year, citing increase in input cost, a one-off reorganization cost and other economic pressures as causes of the decline.

Speaking on the announcement, Mr. Hans Essaadi, Managing Director/CEO, Nigerian Breweries Plc said: “The business performance of 2023 reflects the challenging economic environment in Nigeria. These severe economic conditions include persistent cash scarcity, removal of fuel subsidies resulting in a notable surge in energy cost, naira devaluation, foreign exchange scarcity, and continued challenged consumer spending in the midst of high inflation. Despite these challenges, the business recorded some progress, delivering a 9% growth in revenue aided by a positive price mix. Unfortunately, our efforts were undermined by the impact of the devaluation of the naira, causing a N153 billion loss on foreign exchange transactions.”

The company revealed that its reaction to the challenges presented by the tough economic terrain was centered around reducing risk to the business by focusing on a positive price mix, efficient sales operations, strong and aggressive cost management, and other efficiency measures.
“Going into the new year, we are conscious of the continued severe macro-economic challenges – rising inflation, heightening operating costs and pressured consumer income spend. However, we believe the challenges of 2023 have laid the groundwork for opportunities that would lead to value creation for all our stakeholders”, Managing Director/CEO, Nigerian Breweries Plc, Essaadi said.

One of these opportunities is the acquisition of an 80% business stake in Distell Wines and Spirits Limited, a local business in the wines and spirits category, and an exclusive right to import all Heineken Beverages wines, spirits, and ciders brands from South Africa, including a license to market and distribute all the products in Nigeria, as well as to produce any of the imported brands locally.

“This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing wines and spirits brands and capture significant growth opportunities in the wines and spirits segment of the beverages industry”, he explained.

He added that the “Board and Management will ensure that the Company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities. The Company will continue to
be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and
passionate workforce driving long-term value creation for its shareholders and other stakeholders.

About Nigerian Breweries PLC:
A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. Incorporated in 1946 as "Nigerian Brewery Limited", the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (such as Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend) produced from 9 breweries and 2 malting plants which are distributed nationwide. Nigerian Breweries is also a recipient of several awards and recognition in other areas of its operations including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability. To learn more, visit the Nigerian Breweries website:



Sade Morgan
Corporate Affairs Director



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