Major listed brewers in Nigeria generated a combined revenue of over N1.54 trillion from the sale of beer and other non-alcoholic drinks in the first nine months of 2025, indicating the estimated amount spent by Nigerians on brewery products during the review period, an analysis by The PUNCH shows.
According to the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ended 30 September 2025, the companies collectively recorded strong top-line performance driven largely by beer sales.
Nigerian Breweries Plc, the largest brewer in the country, recorded net revenue of N1.05 trillion for the period, up from N710.87 billion in the corresponding period of 2024. Cost of sales stood at N631.23 billion, resulting in a gross profit of N415.15 billion.
After accounting for selling and distribution expenses of N193.85 billion, administrative expenses of N59.58 billion, finance costs of N39.15 billion, and other charges, the company posted a profit after tax of N85.51 billion, compared with a loss of N149.50 billion in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.
In March, Nigerian Breweries Plc announced a return to profitability in the first quarter of 2025, reporting a 186 per cent increase in net profit compared to the same period in 2024. The unaudited financial results released on the Nigerian Exchange Limited showed that revenue for the period ended 31 March 2025, rose to N383.6 billion, representing a 68.9 per cent increase from N227.1 billion recorded in the first quarter of 2024.
International Breweries Plc, which operates in Nigeria and other West African markets, generated revenue of N472.57 billion for the nine months ended 30 September 2025, up from N343.45 billion in the same period of 2024.
The company reported a profit after tax of N57.83 billion, reversing a loss of N112.81 billion in 2024. Cost of sales increased to N311.64 billion from N248.58 billion, while administrative, marketing, and distribution expenses rose to N92.09 billion from N72.68 billion.
The PUNCH earlier reported that International Breweries Plc posted a profit of N11.9 billion for the second quarter ended 30 June 2025, marking a turnaround from a loss of N47.3 billion in the same period last year. The company’s unaudited financial statements showed revenue increased to N167.4 billion in Q2 2025 from N120 billion in Q2 2024, while gross profit rose to N61.9 billion from N33.8 billion.
Champion Breweries Plc recorded revenue of N21.44 billion for the nine months ended 30 September 2025, up from N14.02 billion in the same period of 2024. The company posted a profit after tax of N2.05 billion, compared with N21.50 million in 2024. Cost of sales rose to N11.14 billion from N8.13 billion, while selling and distribution expenses increased to N4.24 billion from N3.25 billion.
Overall, the combined revenue of the three companies amounted to N1.54 trillion, with Nigerian Breweries Plc accounting for the bulk of sales.
Analysts say the figures highlight the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and distribution networks despite rising production costs and broader macroeconomic pressures.
Commenting on consumer behaviour, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, said the market is experiencing a gradual shift in spending patterns, with some consumers reducing beer consumption, a trend influencing how breweries adjust their strategies.
‘Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This indicates that firms are prioritising scaling operations and improving efficiency to meet rising demand and strengthen their market position’, Olubunmi said.
On the broader economic impact, the Chief Executive Officer of Economic Associates, Ayo Teriba, cautioned that strong sales figures do not necessarily translate into greater economic contribution.
‘The point is that bigger isn’t necessarily better. Sales may be boosted by size, but if that size reflects purchases from other companies rather than actual value added, the contribution to the economy is limited. What really matters is net output, what value the company is actually creating. GDP, after all, is the sum of value created, not just total sales figures’, Teriba said.
