International Breweries PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 24 kobo per share, an increase from 11 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 782.5 million nairas, an increase from 356.3 million nairas in the prior-year period.

The normalized profit margin rose to 10.4% from 6.7% in the year-earlier period.

Total revenue increased 27.6% on an annual basis to 6.81 billion nairas from 5.34 billion nairas, and total operating expenses climbed 26.4% on an annual basis to 5.12 billion nairas from 4.05 billion nairas.

Reported net income increased 89.6% year over year to 942.7 million nairas, or 29 kobo per share, from 497.3 million nairas, or 15 kobo per share.

For the year, the company's normalized net income totaled 70 kobo per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 69 kobo.

EPS rose 30.8% from 53 kobo in the prior year.

Normalized net income was 2.29 billion nairas, a gain of 29.9% from 1.76 billion nairas in the prior year.

Full-year total revenue rose 12.7% on an annual basis to 23.27 billion nairas from 20.65 billion nairas, and total operating expenses rose 13.2% year over year to 18.13 billion nairas from 16.01 billion nairas.

The company said reported net income rose 36.3% on an annual basis to 2.65 billion nairas, or 81 kobo per share, in the full year, from 1.95 billion nairas, or 59 kobo per share.

As of May 10, US$1 was equivalent to 199.05 nairas.