Nigerian Breweries Plc has recorded a pre-tax profit of N161.06 billion for the 2025 financial year, rebounding from a N182.9 billion loss in 2024, as revenue surged.
Full-year revenue climbed 35.32% year-on-year to N1.4 trillion, with Nigerian sales representing 99.83% of total volume, providing strong support for the company’s top-line growth.
The group also managed to significantly reduce finance costs, mainly by limiting foreign exchange losses, while minimizing expected credit losses on financial assets, boosting overall profitability.
Together, these factors strengthened the bottom line, reflecting a more stable and resilient financial position, with earnings per share rising to N3.19 from a loss of N1.21, indicating improved profitability.
Key Highlights (FY 2025 vs FY 2024)
- Revenue: N1.46 trillion (up 35% YoY from N1.08 trillion)
- Operating profit: N205.1 billion (up 194% YoY from N69.89 billion)
- Pre-tax profit: N161.06 billion (vs N182.9 billion loss)
- Profit after tax: N99.10 billion (vs N144.8 billion loss)
- Earnings per share: N3.19 (vs negative N1.2)
- Total equity: N560.22 billion (up 21% YoY from N463.9 billion)
Driving the Numbers:
According to the company’s books, full-year revenue of N1.467 trillion was largely driven by sales in Nigeria.
Local sales of brewed products stood at N1.464 trillion out of N1.467 trillion, while export sales contributed N2.4 billion.
After accounting for a cost of sales of N902.2 billion, gross profit rose to N565.1 billion, up 76.67% from N319.9 billion in 2024.
The group also recorded other income of N4.1 billion, mainly from the sale of scrap and gains on the disposal of property, plant, and equipment.
However, operational expenses increased, with selling and distribution costs up 37.24% to N278.9 billion, and administrative expenses rising 77.21% to N82.8 billion.
- Expected credit losses on financial assets stood at N2.3 billion, lower than N4.05 billion in the previous year. Hence, operating profit grew to N205.1 billion from N69.8 billion in 2024.
- After finance income of N1.7 billion and finance costs of N45.9 billion—largely due to foreign exchange losses—pre-tax profit settled at N161.06 billion, a sharp turnaround from the N182.9 billion loss recorded in 2024.
- Accounting for income tax of N61.9 billion, profit after tax reached N99.1 billion.
On the balance sheet, total assets stood at N1.06 trillion, with property, plant, and equipment making up N585.3 billion.
- Total equity grew to N560.2 billion from N463.9 billion, while the accumulated deficit stood at N72.1 billion, an improvement from N169.7 billion.
- Total liabilities fell to N505.8 billion from N674.3 billion in the prior year, largely due to a reduction in loans and borrowings to N59.71 billion from N169 billion in 2024.
Market reaction
As of mid-trading on 13 February 2026, the market has yet to react to the results, with shares down 0.43%.
On a month-to-date basis, the stock is up over 2% on the Nigerian Exchange, priced at N80, while year-to-date performance stands at over 7%.
The market is expected to respond to the company’s solid financial results in the coming trading sessions.
