Major listed brewers in Nigeria generated a combined revenue of over ₦1.54 trillion 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 ₦1.05 trillion for the period, up from ₦710.87 billion in the corresponding period of 2024. Cost of sales stood at ₦631.23 billion, resulting in a gross profit of ₦415.15 billion.
After accounting for selling and distribution expenses of ₦193.85 billion, administrative expenses of ₦59.58 billion, finance costs of ₦39.15 billion, and other charges, the company posted a profit after tax of ₦85.51 billion, compared with a loss of ₦149.50 billion 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 ₦383.6 billion, representing a 68.9 per cent increase from ₦227.1 billion recorded in the first quarter of 2024.
International Breweries Plc, which operates in Nigeria and other West African markets, generated revenue of ₦472.57 billion for the nine months ended September 30, 2025, up from ₦343.45 billion in the same period of 2024.
The company reported a profit after tax of ₦57.83 billion, reversing a loss of ₦112.81 billion in 2024. Cost of sales increased to ₦311.64 billion from ₦248.58 billion, while administrative, marketing, and distribution expenses rose to ₦92.09 billion from ₦72.68 billion.
International Breweries Plc posted a profit of ₦11.9 billion for the second quarter ended June 30, 2025, marking a turnaround from a loss of ₦47.3 billion in the same period last year. The company’s unaudited financial statements showed revenue increased to ₦167.4 billion in Q2 2025 from ₦120 billion in Q2 2024, while gross profit rose to ₦61.9 billion from ₦33.8 billion.
Champion Breweries Plc recorded revenue of ₦21.44 billion for the nine months ended September 30, 2025, up from ₦14.02 billion in the same period of 2024. The company posted a profit after tax of ₦2.05 billion, compared with ₦21.50 million in 2024. Cost of sales rose to ₦11.14 billion from ₦8.13 billion, while selling and distribution expenses increased to ₦4.24 billion from ₦3.25 billion.
Overall, the combined revenue of the three companies amounted to ₦1.54 trillion, 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.
The PUNCH
