International Breweries Plc, a beverage company has said it recorded to N43.7bn gross profit in 2022 financial period.

A statement said it disclosed this at its 46th annual general meeting in Lagos on Wednesday.

The company’s 2022 revenue rose to N218.7bn as of the end of 2022 financial period from N182.3bn in the same period in 2021.

“With the challenging economic circumstances, the gross profit for 2022 decreased to N43.7bn, from N46.4bn in 2022,” it said.

Finance income increased from N3.1bn in 2021 to N5.2bn in 2022, the statement said.

It said there was an increase in the net financial cost, accruing N5.6bn in 2022, from N1.8bn in 2021.

The Chairman, Board of Directors, Nnaemeka Achebe, welcomed the shareholders to the meeting which according to him has been the most attended since the COVID-19 pandemic.

Achebe, who is the HRH, Obi of Onitsha, said “The company continues to sustain its production volumes despite inflation. 2022 was a year that tested the global economy with multiple challenges. 2022 was a year of transformation for us, and we want to commend the board of directors for their courageous decision to embark on multiple initiatives to position our company for better returns.”

The Managing Director, International Breweries Plc, Carlos Coutino, appreciated shareholders for their commitment.

While noting the company’s challenges occasioned by the government’s increase of excise duty from N40 per litre of excise, to N75 per litre, he said there would be a further increase to N100 in 2024.

According to him, “We foresee that the business sector may witness a reduction as consumer disposable income has reduced significantly.

“What have we done so far? We have had the support of the Manufacturers Association of Nigeria and we call on the government and our president to look into these challenges in the beer sector.

“We request a new and positive policy to mitigate the excessive increase and any form of double taxation. We also ask the government to give the industry a three to six months moratorium to plan and adjust to new policies.”

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