Nigerian Breweries’ nine-month profit rises 33% to N114.1bn

By Chukwuma Umeorah

Nigerian Breweries Plc’s profit after tax (PAT) rose by 33 per cent to N114.1 billion in the nine months ended 30 September 2026, from the corresponding period of 2025, supported by lower finance expenses and improved gross profit.

The brewing company’s revenue increased by five per cent to N1.10 trillion from N1.05 trillion in the same period last year, while gross profit grew by 15 per cent to N477.9 billion. Profit before tax also rose by 33 per cent to N171.7 billion, while results from operating activities increased by 10 per cent to N179.2 billion, according to the company’s unaudited results for the period.

The company reduced its finance expenses by 78 per cent, contributing to the improvement in profitability, as it recorded higher earnings despite continued pressure on consumer spending.

Commenting on the results, the Managing Director and Chief Executive Officer of Nigerian Breweries, 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.”

Nigerian Breweries also returned to profitability in the third quarter, posting a net profit of N21 billion for the three months ended 30 September, compared with a net loss of N4 billion in the corresponding period of 2025. The result marks a return to third-quarter profitability after the company recorded losses in the same quarter in each year since 2022.

According to Boidin, “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.”

However, the company reported that volumes and net revenue declined during the third quarter, indicating that the improvement in its bottom line came despite weaker performance on those measures. It attributed its market-share gains partly to the performance of its premium brands, including Heineken and Desperados, although it did not disclose the extent of the increase in market share in the statement.

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 the company would continue to focus on investment in its brands, cost control and cash management as it navigates the operating environment.

“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.”