Nigeria: International Breweries evolving strategies to grow market share
International Breweries Plc (IBPlc) has indicated that it is evolving strategies to sustain the positive earnings it achieved in 2021 as well as grow its share of the beer market, the Vanguard reported on August 25.
The chairman, HRH Nnaemeka Achebe, gave the hint at the company’s 45th Annual General Meeting (AGM) in Lagos, saying that IBPlc has continued to grow its production volume despite challenges relating to unfavorable foreign exchange market during the year.
The company grew its revenue by 33.3 per cent to N182.3 billion from N136.8 billion in 2020. Also, the company reduced its loss before tax to N19.8 billion in 2021 from N28.6 billion in 2020, indicating a 30.6 per cent decrease in loss.
Speaking at the meeting, Achebe said: “Notwithstanding the challenges experienced in 2021, our production volumes continue to increase for the full year. We are very proud of our strong recovery and are delivering historical total volume growth ahead of the industry, with total revenue of N182.3 billion, that is, 33.3% higher than the prior year.
“AB InBev was recently recognized by Fortune Magazine as the Most Admired Beer Company in the World. This recognition and our 2021 performance reinforce our commitment in-country to leverage our world class processes thereby delivering consistent growth and eventual returns for all shareholders.”
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