International Breweries Plc, one of the world’s largest beer maker with over 500 beer brands, has recorded double-digit revenue growth for the full year ended December 31, 2022.

The company’s net revenue for the year total grew by 19.9% to N218.7 billion compared to the prior year.

This significant growth in revenue despite the challenging macro-economic environment was driven by pricing initiatives across the portfolio, the successful launch of its “No DNA Needed, Originally Black” campaign and the introduction of its well-received premium brand, Flying Fish; all of which sustained consumer demand across product list.

Carlos Coutino, Managing Director, International Breweries Plc said: “Our momentum can be attributed to our consistent execution of our commercial strategy, revenue management initiatives and the implementation of a deliberate route-to-market strategy alongside a technology-enhanced trade ecosystem, allowing us to serve our distributors and retailers better.”

Coutino concluded by reiterating the Company’s commitment to investing in its people and fostering a culture of long-term growth and value creation throughout the organisation with continued enhancements to its operating model.

While 2022 was characterised by higher energy prices, FX illiquidity, material cost headwinds and supply chain disruptions, revenue increased by 8.0% in Q4 2022 vis-à-vis the previous year and EBITDA growth was at the upper end of the company’s medium-term growth ambition and outlook. The Company also achieved a 12.3% reduction in administrative expenses driven by a reclassification of depreciation from administrative expenses to cost of sales.

In his remarks, Finance Director, David Tomlinson stated that “Despite the ever-changing business environment, we remain steadfast in executing our strategy, which has propelled our business forward.”

Tomlinson said that: “Our focus on revenue management, organisational structure and commercial investment continues to position us for annual growth. Our commitment to investing in our brands, facilities and digital transformation will allow us to connect more closely with customers and consumers and support our organic growth potential while maintaining financial discipline.”

IBPLC bagged multiple awards at the 16th edition of Sustainability, Entrepreneurship, and Responsibility (SERAS) CSR Awards, in the Best Company in Poverty Reduction and Social Enterprise of the Year categories in recognition of its Kickstart Initiative. In 2022, IBPLC awarded a combined sum of 60 million Naira to 50 budding entrepreneurs at the seventh edition of the Kickstart Initiative, the brainchild of the International Breweries Foundation.

The initiative is aimed at promoting and empowering youths in Nigeria between the ages of 18 to 35 years to embrace entrepreneurship through intensive business training, mentorship, and the award of grants to kick-start their business ideas.

In furtherance of its sustainability agenda to support the commercial vision and achieve the company’s purpose, IBPlc’s Smart Drinking program used the power of its brands to promote positive behavioral changes in society and reduce harmful alcohol consumption.

In over 4 years, in partnership with relevant stakeholders such as the Federal Road Safety Commission (FRSC) and the Beer Sectoral Group (BSG); through several roadshows, outreaches and sensitization initiatives, International Breweries Plc – along with its partners – has impacted over 15 million people while educating them on responsible alcohol consumption.

Looking ahead of 2023, the company is optimistic about the beer industry’s potential for growth and profitability and is confident in its ability to deliver superior long-term value in its quest to create a future with more cheers.