Nigerian Breweries Plc, Nigeria’s top brewer, earned ₦85.5 billion profit in nine months of 2025.
However, the company recorded a ₦2.9 billion loss in the third quarter due to one-off charges.
Nigerian Breweries Q3 Setback
Specifically, it incurred a ₦6.08 billion impairment from integrating Distell Wines and Spirits Nigeria into operations.
Despite this setback, strong operating profit and lower finance costs boosted overall earnings.
Revenue Recovery
Last year, the brewer suffered ₦149.5 billion losses from inflation and volatile exchange rates.
Meanwhile, resilient pricing and gradual volume recovery pushed turnover to a record ₦1 trillion in nine months.
Consequently, gross profit almost doubled, rising 97.8% to ₦415.15 billion year-on-year.
Cost Management
Although inflation slowed to 18.02% in September, the company faced a 26% rise in sales costs.
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Additionally, operating expenses jumped 56.7%, driven by restructuring and higher selling and distribution costs.
Administrative costs surged 120.2%, reflecting integration and one-off restructuring charges.
Nevertheless, EBIT and EBITDA margins improved to 3.6% and 9.5%, despite rising expenses.
Moreover, net finance charges fell 81.9%, helped by lower debt costs and foreign exchange gains.
The company highlighted the 2024 Rights Issue for supporting its positive turnaround.
Finally, Nigerian Breweries expects a strong fourth quarter from festive demand and operational efficiency.
Therefore, the board remains confident about achieving a positive full-year performance for 2025.
