By Nkiruka Nnorom
International Breweries Plc (IBPLC) has bounced back to profitability from its loss position, recording N1.9 billion Profit Before Tax (PBT) for the first quarter (Q1) ended March 31, 2022, representing 152.8 per cent increase from N3.6 billion loss before tax in Q1’21.
The financial statement released to the Nigerian Exchange Limited (NGX) shows that the company’s revenue grew to N52.7 billion during the period, representing a 47.6 per cent increase compared to N38.96 billion reported in Q1, 2021.
Commenting, Hugo Dias Rocha, Managing Director, IBPLC, said: “Based on a consistent commercial strategy, we are growing ahead of our industry. We have continued our journey to profitability,which translates to strong results. We remain committed to creating value to our stakeholders consistently.
“Building on top of the momentum of a strong 2021, our business started 2022 on a positive note. On the back of firm consumer demand for our brands, robust revenue management and volume growth ahead of industry, our revenue grew by nearly 50 per cent in Q1 ’22. 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.’’