Wednesday, January 21, 2026 - Major listed brewers in Nigeria generated a combined revenue of over N1.54tn from the sale of beer and other non-alcoholic drinks in the first nine months of 2025, indicating the estimated amount spent by Nigerians on brewery products during the review period.
According to the unaudited financial statements of Nigerian
Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the
nine months ended September 30, 2025, the companies collectively recorded
strong top-line performance driven largely by beer sales.
Nigerian Breweries Plc, the largest brewer in the country,
recorded net revenue of N1.05tn for the period, up from N710.87bn in the
corresponding period of 2024. Cost of sales stood at N631.23bn, resulting in a
gross profit of N415.15bn.
After accounting for selling and distribution expenses of
N193.85bn, administrative expenses of N59.58bn, finance costs of N39.15bn, and
other charges, the company posted a profit after tax of N85.51bn, compared with
a loss of N149.50bn in 2024. Basic earnings per share rose to 275 kobo from a
loss of 1,455 kobo in the previous year.
In March, Nigerian Breweries Plc announced a return to
profitability in the first quarter of 2025, reporting a 186 per cent increase
in net profit compared to the same period in 2024. The unaudited financial
results released on the Nigerian Exchange Limited showed that revenue for the
period ended March 31, 2025, rose to N383.6bn, representing a 68.9 per cent
increase from N227.1bn recorded in the first quarter of 2024.
International Breweries Plc, which operates in Nigeria and
other West African markets, generated revenue of N472.57bn for the nine months
ended September 30, 2025, up from N343.45bn in the same period of 2024.
The company reported a profit after tax of N57.83bn,
reversing a loss of N112.81bn in 2024. Cost of sales increased to N311.64bn
from N248.58bn, while administrative, marketing, and distribution expenses rose
to N92.09bn from N72.68bn.
The PUNCH earlier reported that International Breweries Plc
posted a profit of N11.9bn for the second quarter ended June 30, 2025, marking
a turnaround from a loss of N47.3bn in the same period last year. The company’s
unaudited financial statements showed revenue increased to N167.4bn in Q2 2025
from N120bn in Q2 2024, while gross profit rose to N61.9bn from N33.8bn.
Champion Breweries Plc recorded revenue of N21.44bn for the
nine months ended September 30, 2025, up from N14.02bn in the same period of
2024. The company posted a profit after tax of N2.05bn, compared with N21.50m
in 2024. Cost of sales rose to N11.14bn from N8.13bn, while selling and
distribution expenses increased to N4.24bn from N3.25bn.
Overall, the combined revenue of the three companies
amounted to N1.54tn, with Nigerian Breweries Plc accounting for the bulk of
sales.
Analysts say the figures highlight the resilience of
Nigeria’s beer market, which continues to benefit from strong brand loyalty and
distribution networks despite rising production costs and broader macroeconomic
pressures.
Commenting on consumer behaviour, the Head of Financial
Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, said the market is
experiencing a gradual shift in spending patterns, with some consumers reducing
beer consumption, a trend influencing how breweries adjust their strategies.
“Following AB InBev’s acquisition of International
Breweries, the company invested in new breweries and production facilities to
expand capacity. This indicates that firms are prioritising scaling operations
and improving efficiency to meet rising demand and strengthen their market
position,” Olubunmi said.
On the broader economic impact, the Chief Executive Officer
of Economic Associates, Ayo Teriba, cautioned that strong sales figures do not
necessarily translate into greater economic contribution.
“The point is that bigger isn’t necessarily better. Sales
may be boosted by size, but if that size reflects purchases from other
companies rather than actual value added, the contribution to the economy is
limited. What really matters is net output, what value the company is actually
creating. GDP, after all, is the sum of value created, not just total sales
figures,” Teriba said.
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