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Despite persistent inflationary pressures that eroded consumer purchasing power in 2024, Nigerian Breweries (“the Group”) achieved outstanding year-on-year revenue growth, crossing the trillion mark for the first time. Specifically, the group reported revenue of N1.08 trillion, an 81% jump from N599.64 billion in 2023. According to management, this landmark performance was driven by market expansion that drove volume increase, strategic pricing, successful innovations, and operational efficiencies.
The Group delivered a strong start to the year, reporting a 69% quarter-on-quarter growth in revenue to N383.64 billion, up from N227.12 billion in Q1 2024. Management attributed this growth to deeper market penetration, sustained product innovation, strong commercial execution, improved customer engagement, strategic pricing initiatives and enhanced supply chain efficiency.
Valuation
In light of the strong fundamentals discussed above, we upgrade our rating on the stock to BUY (previously: HOLD), with a revised fair value estimate of N69.14 (up from N35.92). At the current market price of N57.00, this implies a potential total return of 32%, including a dividend yield of 11%.
Please follow the link “Nigerian Breweries FY 2024 & Q1 2025 – From Deep Losses to a Strong Rebound” to view the whole report.
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