International Breweries Plc has said it recorded N1.9bn profit before tax in the first quarter of 2022.
The firm said this in a statement on its 2022 first quarter results.
“International Breweries Plc has released its 2022 first quarter results, revealing a gross profits growth by 307 per cent, while gross margins expanded by +1800bps, delivering a positive operating profit of N7.8bn (excluding net FX losses) and profit before taxes of N1.9bn amidst cost headwinds,” it stated.
The Managing Director, IBPLC, Hugo Rocha, said, “Based on a consistent commercial strategy, we are growing ahead of our industry. We have continued our journey to profitability, which translates into strong results. We remain committed to creating value for our stakeholders consistently.”
He added that “Building on top of the momentum of a strong FY 2021, our business started 2022 on a positive note. On the back of firm consumer demand for our brands; robust revenue management; and volumes growth ahead of the industry our revenue grew by nearly 50 per cent in 1Q22. We saw consistent growth across all our portfolio.
“Keeping focus on profitability, we have enabled our high-end company brands to grow healthy in the market. Our global brand, Budweiser and our newest innovation, Trophy Extra Special Stout are on a growth path as part of the High-End growth of above 40 per cent.”