Top brewers return to profitability as beer sales drive revenue growth despite rising costs
Major publicly listed brewing companies in Nigeria recorded combined revenues exceeding ₦1.54 trillion from beer and non-alcoholic beverage sales in the first nine months of 2025, underscoring the scale of consumer spending in the country’s brewery market.
A review of unaudited financial results from Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the period ended September 30, 2025, shows strong revenue growth across the sector, driven largely by improved beer sales and wider distribution reach.
Nigerian Breweries Plc, the country’s largest brewer, accounted for the bulk of industry earnings, posting net revenue of ₦1.05 trillion, a sharp rise from ₦710.87 billion recorded in the same period of 2024. The company reported cost of sales of ₦631.23 billion, resulting in a gross profit of ₦415.15 billion.
Despite higher operating expenses including selling and distribution costs of ₦193.85 billion, administrative expenses of ₦59.58 billion, and finance costs of ₦39.15 billion, the brewer returned to profitability, recording a profit after tax of ₦85.51 billion. This marked a significant turnaround from the ₦149.50 billion loss posted a year earlier. Earnings per share improved to 275 kobo, compared with a loss of 1,455 kobo in 2024.
Earlier in the year, the company had signalled a recovery, reporting a 186 per cent surge in net profit in the first quarter of 2025. Revenue for the three months ended March 31 climbed to ₦383.6 billion, up from ₦227.1 billion in the same period of 2024, according to filings with the Nigerian Exchange Limited.
International Breweries Plc, which operates across Nigeria and other West African markets, recorded revenue of ₦472.57 billion for the nine-month period, up from ₦343.45 billion in 2024. The company posted a profit after tax of ₦57.83 billion, reversing a ₦112.81 billion loss recorded in the previous year.
While cost of sales rose to ₦311.64 billion, and administrative, marketing, and distribution expenses increased to ₦92.09 billion, the brewer benefited from higher volumes and improved pricing. In the second quarter alone, International Breweries reported a ₦11.9 billion profit, compared with a ₦47.3 billion loss in the same quarter of 2024, as revenue climbed to ₦167.4 billion.
Champion Breweries Plc also posted improved results, with revenue rising to ₦21.44 billion from ₦14.02 billion a year earlier. The company recorded a profit after tax of ₦2.05 billion, a significant increase from ₦21.5 million in 2024, supported by stronger sales despite higher production and distribution costs.
In total, the three brewers generated more than ₦1.54 trillion in revenue during the period, highlighting the resilience of Nigeria’s beer market even amid inflationary pressures, foreign exchange challenges, and rising input costs.
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