Nigerian Breweries’ nine-month profit rises 33% as finance costs fall
The brewer returned to quarterly profitability for the first time since 2022, despite lower third-quarter volumes and net revenue.
NIGERIA – Nigerian Breweries Plc increased its profit after tax (PAT) by 33% to N114.1 billion (US$84.97M) in the nine months ended September 30, 2026, as lower finance expenses and higher gross profit supported earnings growth.
Revenue rose 5% to N1.10 trillion (US$819.17M) from N1.05 trillion (US$781.93M) a year earlier, while gross profit increased 15% to N477.9 billion (US$355.89M). Profit before tax climbed 33% to N171.7 billion (US$127.87M), and results from operating activities grew 10% to N179.2 billion (US$133.45M), according to the brewer’s unaudited results.
Finance expenses declined by 78%, contributing to improved profitability amid continued pressure on consumer spending.
Managing Director and Chief Executive Officer Thibaut Boidin said: “Our nine-month performance reflects the resilience of our business and the disciplined execution of our priorities. Despite continued pressure on consumer spending, we grew revenue, strengthened our market position and delivered a significant improvement in profitability”.
The brewer also returned to profitability in the third quarter, recording a net profit of N21 billion for the three months ended September 30, against a net loss of N4 billion in the corresponding period of 2025. It was the company’s first third-quarter profit after losses in the same quarter in each year since 2022.
Boidin described the return to quarterly profitability as an important milestone, saying it demonstrated progress in the company’s performance.
“The return to profit in the third quarter is an important milestone and demonstrates the progress we are making. While volumes and net revenue declined during the quarter, the strength of our portfolio, improved gross margin and substantially lower finance expenses helped us deliver a positive bottom line,” he said.
Despite improved earnings, Nigerian Breweries reported declines in volumes and net revenue during the third quarter. The company said premium brands, including Heineken and Desperados, contributed to market-share gains, although it did not disclose the extent of the increase.
It also reported stronger cash generation, improved working-capital management and a stronger net cash position at the end of September, which it said would support its business priorities.
Boidin said Nigerian Breweries would maintain its focus on brand investment, cost control and cash management.
“We remain focused on building on this momentum through disciplined execution, continued investment behind our brands and rigorous cost and cash management. Although the operating environment remains demanding, we are confident in the strength of our business and maintain a positive outlook for the full year 2026,” he said.
The company said these measures would help it navigate the operating environment while maintaining investment in its brands and managing costs.
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