Recently, International Breweries Plc (INTBREW) published its audited FY-2020 financial result. According to the report, Revenue rose by 3.4% y/y to N136.8bn, as strong Revenue recovery in H2-2020 pulled Revenue numbers higher, reflecting the impacted of reduced restrictions on on-trade channels and social activities. Nevertheless, huge operating leverage continues to weigh on the company’s performance denting improvement in capital structure. Overall, the company’s Loss before and after-tax reduced to N20.2bn and N12.1bn respectively in FY-2020. Below, we review the company’s performance and provide our expectations for the year.