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Nigerian Breweries recorded a 69% year-on-year rise in revenue in the first three months of the year, its unaudited results show.
The increase took place against the backdrop of an economy that remained volatile despite slowing inflation and relative stability in energy prices, a key factor in production and transportation. Nigerian Breweries, which is owned by Dutch company Heineken, attributed the revenue growth to deeper market penetration and improved customer engagement, as well as “enhanced supply chain efficiencies.”
Nigerian Breweries has looked to strengthen its position as other drink makers, such as Guinness, scale down in Nigeria due to inflationary pressures and other macroeconomic challenges. Its full acquisition of the Nigeria business of South Africa’s Distell Wines and Spirits last month will see it expand beyond beers into producing and importing spirits and wines.
