Nigerian Breweries reports 48% surge in revenue in nine months of 2025 

NIGERIA – Nigerian Breweries Plc has announced a strong financial performance for the nine months ended September 30, 2025, with Group Revenue rising 48% to N1.04 trillion (US$714.73M) compared to N703 billion (US$483.13M) in the same period last year. 

The unaudited financial statements filed with the Nigerian Exchange (NGX) showed that the brewer’s Cost of Sales climbed to N627 billion from N495 billion in 2024, reflecting higher input costs and logistic expenses. Marketing, distribution, and administrative costs rose by 38% to N254 billion due to intensified sales and brand activities. 

Despite inflationary challenges and weakened consumer spending, the company delivered strong operational results. Gross profit nearly doubled to N415.15 billion (US$285.3M), representing a 97.8% increase from N209.9 billion (US$144.25M) in the corresponding period last year. 

While inflation cooled for the sixth consecutive month to 18.02% in September 2025, cost pressures persisted, with production and logistics expenses pushing the cost of sales up by 26% to N631.23 billion (US$433.80M). 

Earnings before interest and tax (EBIT) and earnings before interest, tax, depreciation, and amortization (EBITDA) margins improved to 3.6% and 9.5%, respectively. The improvement was attributed to stronger cost management, supply chain efficiencies, and disciplined pricing actions. 

Company Secretary and Legal Director, Uaboi Agbebaku, said in a statement that the company achieved strong revenue and operational growth despite macroeconomic headwinds. He highlighted that market leadership was strengthened through portfolio premiumisation and an enhanced route-to-market strategy. 

“The Group’s revenue grew by 47 percent, supported by effective pricing and the strong performance of our premium brands. Operating profit improved significantly through efficiency measures, while net profit rose by 157 percent due to reduced finance costs. The 2024 Rights Issue programme also contributed to the positive turnaround,” Agbebaku said. 

He noted, however, that the third quarter recorded a temporary slowdown in demand and a one-off impairment charge linked to the integration of Distell Wines and Spirits Nigeria Limited, resulting in a quarterly net loss. 

Agbebaku expressed confidence in a fourth-quarter rebound, driven by festive demand, ongoing operational improvements, and disciplined financial management. The company’s Board maintained a positive outlook for the full-year 2025 performance. 

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