International Breweries Plc has reported a third-quarter pretax profit of N12.6 billion for the period ended September 2025, rebounding from a loss of N4.3 billion in the same period last year.
The company’s nine-month pretax profit also recovered sharply to N74.2 billion, up from a N154.5 billion loss over the same period in 2024.
Revenue for the quarter reached N131.5 billion, up 9.42% year-on-year, while nine-month revenue rose 37.6% to N472.5 billion, supported by strong sales of its brewed products.
However, much of its success in the third quarter came from a significant reduction in other expenses, with foreign exchange losses cut sharply, which helped sustain bottom-line profitability.
Key highlights (Q3 2025 vs Q3 2024)
- Revenue: N131.5 billion, +9.42% YoY
- Cost of sales: N92.2 billion, +4.82% YoY
- Gross profit: N39.3 billion, +21.98% YoY
- Administrative, marketing, and distribution expenses: N32.8 billion, +33.94% YoY
- Operating profit: N10.9 billion, +287.40% YoY
- Net finance income: N1.7 billion, +12.80% YoY
- Pretax profit: N12.6 billion, +393.80% YoY
- Total assets: N713.1 billion, -2.02% YoY
More items
A cursory look shows that cost of sales increased to N92.2 billion in Q3 from N87.9 billion a year earlier, but gross profit still jumped 21.98% to N39.3 billion.
Operating expenses, particularly administrative, marketing, and distribution expenses, climbed 33.94% to N32.8 billion.
- However, other expenses, mainly foreign exchange gains, moved from a N13.5 billion loss in Q3 2024 to a N4.4 billion gain, helping lift operating profit to N10.9 billion compared with a N5.8 billion loss in the prior year.
Net finance income of N1.7 billion contributed to a pretax profit of N12.6 billion. After an income tax credit of N3.8 billion, net profit stood at N16.5 billion, rebounding from a N6 billion loss in the previous year.
Balance sheet:
The company’s total assets declined slightly to N713.1 billion, down from N727.8 billion in the previous year.
- Property, plant, and equipment remained the largest component at N331.2 billion, followed by inventories of N93.2 billion.
On the equity side, total equity rose to N506.7 billion, up 12.88% year-on-year, with retained losses improving significantly to N184.1 billion compared to a loss of N241.9 billion in the prior year.
More favorably, the company’s total liabilities contracted to N206.4 billion from N278.9 billion, with trade and other payables representing the largest portion at N165.6 billion.
Shares of the company are currently priced at N14.45, reflecting a year-to-date increase of 160.36%.
