Nigerian Breweries Grows Nine-Month Post-Tax Profit by 33%

By Aduragbemi Omiyale

Leading brewery firm, Nigerian Breweries Plc, has reported a strong performance for the nine months ended September 30, 2026.

Details of the results submitted to the Nigerian Exchange (NGX) Limited showed that revenue grew by 5 per cent to N1.10 trillion from N1.05 trillion in the corresponding period of 2025, as gross profit rose by 15 per cent to N477.9 billion and operating activities expanded by 10 per cent to N179.2 billion.

In the period under consideration, pre-tax profit climbed by 33 per cent to ₦114.1 billion, supported by a 78 per cent reduction in net finance expenses.

It was observed that Nigerian Breweries impressed with this strong performance in a market environment in which consumer disposable income remained constrained, despite improvements in macroeconomic stability.

The company increased its market share, supported by strong performances in the premium segment, led by Heineken and Desperados.

Significantly, Nigerian Breweries returned to profitability in the standalone third quarter, following consecutive third-quarter losses since 2022. It posted a net profit of N21 billion between July and September 2026, compared with a net loss of N4 billion in the same period of 2025.

“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.

“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,” the chief executive of Nigerian Breweries, Mr Thibaut Boidin, said.

The organisation also strengthened its financial position through robust cash generation and improved working-capital management. Its stronger net cash position at the end of the period provides a firmer foundation to fund business priorities and support sustainable growth.

Looking ahead, Mr Boidin said, “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.”