Resilient consumer demand drives volume growth ahead of industry, with significant revenue and profit growth.
“Based on a consistent commercial strategy, we are growing ahead of our industry. We have continued our journey to profitability, which translates in strong results. We remain committed to create value to our stakeholders consistently.” – Hugo Dias Rocha, Managing Director
Building on top of the momentum of a strong FY 2021, our business started 2022 on a positive note. On the back of firm consumer demand for our brands; a robust revenue management; and volumes growth ahead of industry our revenue grew by nearly 50% in 1Q22. We saw consistent growth across all our portfolio.
Keeping focus on profitability, we have enabled our High-End Company brands to grow healthy in the market.
Our global brand, Budweiser and our newest innovation, Trophy Extra Special Stout are on a growth path as part of the High-End growth of above 40%. In terms of profitability, our Gross Profits grew by 307% while Gross Margins expanded by +1800bps.
In absolute terms, we are proud to highlight that we returned to profitability in 1Q 2022 as we delivered a positive operating profit of N7.8 billion (excluding net FX losses) and Profit Before Taxes of N1.9 billion amidst cost headwinds. Through this profitability, we plan on the further strengthening of our brands through powerful campaigns and commercial actions to grow in market.
In the reporting period, we are proud of the recognition given by LinkedIn as one of the top best places to work in Nigeria. Our recognition as the No 1 best place to work in the FMCG category and 5th on the list across various industries is a testament to our commitment to recruit and retain talents who continue to thrive in an enabling environment as they continue to contribute to the sustainability of our business.
SOURCE: The NGX