Nigerian Breweries Plc has released its unaudited financial statements for the nine months ended September 30, 2025, reporting a pretax profit of N129.4 billion, compared to a loss of N202.9 billion in the corresponding period of 2024.
However, in the third quarter (Q3) of 2025, the brewer recorded a pretax loss of N2.7 billion, still a notable improvement from the N86.6 billion loss posted in Q3 2024.
The company’s net revenue performance was strong, with Q3 turnover rising 33.38% to N308.2 billion, driven by strong sales of its brewed products.
For the nine-month period, net revenue rose to N1.04 trillion, up from N710.8 billion in the corresponding period of the previous year.
Despite cost efficiency, the cost of sales increased alongside higher turnover, rising 12.83% to N204 billion in Q3, largely driven by raw materials and consumables.
- As a result, gross profit narrowed to N104.1 billion but remained strong, up 107.36% compared to N50.2 billion in the same quarter a year earlier.
Operating expenses surged during the quarter, with selling and distribution expenses up 37.41% to N63.1 billion, and administrative expenses jumping 120.24% to N30.8 billion.
- These increases reduced operating profit to N11.2 billion, though a strong recovery from the operating loss of N9.09 billion recorded in Q3 2024.
The brewer recorded a foreign exchange gain of N2.6 billion, compared to a loss of N1.5 billion in the previous year, while finance costs narrowed to N11.3 billion from N29.5 billion in the same period last year.
- However, the company recorded an impairment loss of N6 billion, absent in 2024, which pushed net finance costs to about N14 billion and impacted the quarter’s bottom-line gains, leading to a pretax loss.
Overall, Nigerian Breweries reported a pretax loss of N2.7 billion for the quarter, compared to N86.6 billion loss a year earlier, and a net loss of N2.9 billion, a considerable improvement from the N64.3 billion loss recorded in Q3 2024.
Balance sheet
On the balance sheet, total assets stood at N1.11 trillion, down 2.43%, with property, plant, and equipment valued at N564 billion, while inventories of N224.1 billion made up a significant portion.
Total equity rose 17.81% to N546.5 billion; however, retained earnings remained negative at N85.5 billion, though this reflected an improvement from the negative N169.7 billion recorded in December 2024.
More favorably, total liabilities narrowed to N564 billion from N674.3 billion, with trade and other payables accounting for the majority at N362.6 billion.
Key Highlights (Q3 2025 vs Q3 2024)
- Net revenue: N308.2 billion, +33.38% YoY
- Cost of sales: N204.08 billion, +12.83% YoY
- Gross profit: N104.1 billion, +107.36% YoY
- Selling and distribution expenses: N63.1 billion, +37.41% YoY
- Administrative expenses: N30.8 billion, +120.24% YoY
- Operating profit: N11.2 billion, +223.50% YoY
- Pretax loss: N2.7 billion, +103.20% YoY
- Total assets: N1.11 trillion, -2.43% YoY
As of the trading day of October 22, 2025, shares of the company were priced at N75.95, with a year-to-date performance of 137.34%.
