Three brewers in Nigeria, Guinness Nigeria Plc, International Breweries and Nigerian Breweries, recorded ₦274.5 billion after-tax loss in the nine months of 2024 due to high operating costs, BusinessDay analysis shows.
These brewers recorded losses except Champion Breweries, which reported an after-tax profit of ₦386.7 million in the nine months of 2024.
Further analysis reveals that in the nine months of the previous year three firms which are Champion Breweries recorded an after-tax loss of ₦77.69 million, International Breweries (₦28.6 billion loss) and Nigerian Breweries ₦(57.2 billion loss) while only Guinness Nigeria Plc recorded an after-tax profit of ₦2.59 billion.
Champion Breweries after-tax profit amounted to ₦386.7 million in the nine months of 2024 from an after-tax loss of ₦77.69 million.
The brewer’s revenue grew to ₦14.02 billion from ₦8.36 billion during the period reviewed while cost of sales increased to ₦8.28 billion from ₦4.92 billion.
Champion Breweries Plc is a leading brewery in Nigeria, established on July 31, 1974, with its headquarters in Uyo, Akwa Ibom State. The company is renowned for its production and marketing of Champion Lager Beer and Champ Malta. Additionally, it provides contract brewing and packaging services to Nigerian Breweries Plc, aligning itself with the Heineken group’s global standards.
Guinness Nigeria Plc’s after-tax loss stood at ₦12.2 billion in the nine months of 2024 from an after-tax profit of ₦2.59 billion in the same period of 2023.
The firm’s revenue grew to ₦125.9 billion from ₦59.5 billion during the period reviewed while cost of sales grew to ₦111.6 billion from ₦41.4 billion.
Guinness Nigeria brews beer in Nigeria and packages and markets a range of international spirits, beers and ready-to-drink beverages. Well-known brands in its product range include Guinness Foreign Extra Stout, Guinness Extra Smooth, Malta Guinness and Harp Lager Beer.
International Breweries after-tax loss deepened to ₦112.8 billion in the nine months of 2024 from an after-tax loss of ₦28.6 billion in the same period of 2023.
The firm’s revenue surged to ₦343.4 billion from ₦183.8 billion during the comparable periods. Cost of sales grew to ₦248.6 billion from ₦126.4 billion.
International Breweries Plc is a brewery in Nigeria which brews, packages and markets a range of beer and non-alcoholic malt beverages. The company is known for its beer sold under the Trophy brand name and non-alcoholic malt drink sold under the Betamalt brand name, namely Trophy Lager, Trophy Black and Betamalt malt drink.
Nigerian Breweries after-tax loss deepened to ₦149.5 billion in the nine months of 2024 from an after-tax loss of ₦57.2 billion in the same period of 2022.
The brewer’s revenue surged to ₦710.9 billion from ₦401.8 billion. Cost of sales grew to ₦500.9 billion from ₦249.2 billion.
Nigerian Breweries Plc, is the largest brewing company in Nigeria. It serves the Nigerian market and West Africa.
