Nigerian Breweries Plc is finally showing signs of a strong recovery after two difficult years.
During this period, currency devaluation and inflation pushed the brewer into heavy losses, which strained its balance sheet.
In the first nine months of 2025, the company achieved a profit before tax of ₦129.4 billion.
Nigerian Breweries’ Comeback
This result represents a sharp turnaround from a ₦202.9 billion loss in the same period last year.
Moreover, net revenue rose 47% to ₦1.04 trillion, driven by higher sales and strategic price adjustments.
As a result, retained losses narrowed to ₦85.6 billion, raising hopes that dividends could return by 2026.
Quarterly Performance Highlights
The year began strongly, with Q1 and Q2 generating pretax profits of ₦44.55 billion and ₦44 billion, respectively.
However, Q3 brought a small loss of ₦4.16 billion, which still improved significantly on the ₦65 billion loss recorded in Q3 2024.
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Higher operating costs and a ₦6 billion impairment charge caused the Q3 dip, but finance costs fell sharply to ₦11.3 billion, helping strengthen the balance sheet.
Investor Confidence And Outlook
Consequently, investors reacted positively, driving the share price up 133% year-to-date to ₦74.50, near its 52-week high.
Historically, the stock grew around 11% annually, with a long-term average price of ₦37, highlighting 2025 as a standout year.
Furthermore, the stock trades at a P/E of 24x, reflecting market expectations of sustained profitability and recovery.
Although the stock does not appear cheap, momentum and earnings suggest moderate upside if the company maintains its turnaround.
Verdict: Nigerian Breweries remains a “hold” for patient investors, who anticipate a potential dividend return in 2026.
With continued strong earnings, disciplined cost management, and a healthier balance sheet, the company could sustain investor confidence.
