Nigerian Breweries Plc, on Thursday reported a strong for the nine-month ended September 30, 2026, with revenue closing at ₦1.10 trillion, a marginal 5% growth from ₦1.05 trillion in the corresponding period of 2025.
Gross profit rose by 15% to ₦477.9 billion, following a slight reduction in cost of sales, followed by the growth in finance income from ₦1.322bn to ₦3.698bn, the successful erasure of the previous ₦6.08bn impairment losses, made even more significant by the reduction in finance costs to ₦11.198bn from ₦28.898bn. These resulted in a net finance cost of ₦7.499bn from N33.655bn in the 2025 nine-month period.
Profit before tax jumped to ₦171.681bn from ₦129.472bn; while profit after tax increased by 33% to ₦114.0899 billion from ₦85.507bn, despite the growth in income tax expenses from ₦43.965bn to ₦57.582bn, which translated to Earnings Per Share of ₦3.68, up from ₦2.75 each.
This performance, according to Uzodinma Odenigbo, Corporate Affairs Director, was delivered against a market environment in which consumer disposable income remained constrained, despite improvement 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, he added, returned to profitability in the standalone third quarter, following consecutive third-quarter losses since 2022. The Company recorded a net profit of ₦21 billion between July and September 2026, compared with a net loss of ₦4 billion in the same period of 2025.
Commenting on the results, Managing Director and Chief Executive Officer of Nigerian Breweries Plc, Thibaut Boidin, said the “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,” he stressed.
The Company 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, Boidin restated the group’s focus “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”.
