International Breweries in Nigeria Reports N57bn Profit After 7 Years of Losses

International Breweries, a top beer maker in Nigeria, has turned around its financial performance by reporting a profit of N57 billion after seven consecutive years of losses. The company's revenue surged by 38% to N472.57 billion, with improved sales volume and pricing in its beer and beverage segment.

Operating profit stood at N67.01 billion, a sharp rebound from the previous year. The turnaround was attributed to stronger revenue growth, reduced financial costs, and significant unrealized foreign exchange gains.

The company also benefited from lower interest expenses and increased financial income, leading to a net financial income of N7.20 billion.