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Nigerian Breweries Plc recorded N804 billion in net revenue and N164 billion in operating profit in the first half of 2026, according to its unaudited financial results filed with the Nigerian Exchange Limited (NGX).
The brewer’s revenue increased by 8.9 per cent year-on-year, while operating profit rose by eight per cent during the period, despite a challenging operating environment and declining market and category volumes. Profit after tax increased by 18 per cent, while net profit rose by five per cent following the implementation of Nigeria’s new tax law.
The company also reported a positive cash position of N73 billion at the end of the period, while retained earnings returned to positive territory. The revenue growth came despite marginal volume growth of 0.3 per cent, indicating that the increase in turnover was driven largely by factors other than significant growth in sales volumes. Nigerian Breweries attributed the improvement in operating profit to stronger gross profit margins, cost management and operational efficiency.
Commenting on the results, the Managing Director, Nigerian Breweries Plc, Thibaut Boidin, said the company had focused on managing costs and responding early to changes in the operating environment.
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“Our first-half performance reflects the resilience of our business and the strength of the measures we have put in place to navigate a challenging environment. We have continued to focus on disciplined execution, cost optimization, and strong partnerships across our value chain, while remaining committed to serving our consumers and creating sustainable value. The ability to anticipate different scenarios and respond early has become increasingly important in the current environment.
Our approach helped us manage the impact of external shocks, including the Middle East crisis, while maintaining business continuity and protecting our performance. Our supplier partnerships and continued focus on cost efficiency also played an important role in this outcome,” Boidin said.
The company said its positive retained earnings and cash position had strengthened its financial position as it continues to operate amid pressures in the Nigerian business environment.
