Economy
Nigerian Breweries’ Revenue Soars 48% to N1.04trn in Nine Months
By Aduragbemi Omiyale
The foremost brewing company in the country, Nigerian Breweries Plc, recorded a sterling performance in the third quarter of 2025, growing its earnings by 47.9 per cent to N1.04 trillion in the nine-month period ended September 30, 2025, compared with the N703 billion achieved in the corresponding period in 2024.
In the financial statements submitted to the Nigerian Exchange (NGX) Limited, the brewer said its cost of sales went up to N627 billion from N495 billion, as marketing, distribution, and administration expenses soared by 38 per cent to N254 billion from N184 billion due to increased brand and sales activities.
It was observed that during the period under review, the brewery firm improved its operating profit due to cost management and supply chain efficiencies, helping the organisation to post a 157 per cent surge in net profit.
According to a notice signed by the Company Secretary/Legal Director of Nigerian Breweries, Mr Uaboi Agbebaku, said the company was still able to deliver strong growth in the topline and in the operations during the period under review despite a high double-digit inflation rate which continues to constrain consumer spending and high input costs.
Mr Agbebaku explained that the firm was also able to consolidate its market leadership, which was primarily influenced by premiumisation, increased competitiveness, and enhanced route-to-market.
“The group’s revenue grew by 47 per cent, supported by appropriate pricing and the strong performance of the premium portfolio.
“Operating profit improved significantly supported by cost management and supply chain efficiencies, while the net profit increased by 157 per cent due to the strong operating profit and a lower net finance cost.
“The rights issue programme of 2024 has contributed in no small measure to the positive turnaround in the profitability of the Group compared to a year ago,” he said.
The scribe noted that as earlier anticipated, the third quarter of 2025 itself witnessed the seasonal market demand decline which, together with a one-off impairment charge relating to the integration of its subsidiary, Distell Wines and Spirits Nigeria Limited, resulted in a net loss in the quarter.
With a rebound expected in the market in the last quarter of the year due to the usual peak period associated with year-end festivities, the Board expects the full year results to remain positive.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
