International Breweries Plc has reported a pre-tax profit of N88.9 billion in its 2025 audited financial statements published on the Nigerian Exchange, slightly above the unaudited figure of N85.1 billion.
The result marks a strong turnaround from a loss of N111.8 billion in the prior year, driven largely by stronger revenue performance and reduced foreign exchange losses.
For the full year, revenue rose to N619.04 billion from N488.9 billion, with 100% of sales driven by its brewed products in the Nigerian market.
Profitability flowed through to the bottom line, with earnings per share at N0.30 compared to a loss of N1.16, while retained losses on the balance sheet narrowed to N191.03 billion from N241.9 billion; hence, no dividend was declared.
Key highlights (2025 vs 2024)
- Revenue: N619.04 billion, up 26.60% YoY
- Cost of sales: N409.40 billion, up 14.48% YoY
- Gross profit: N209.64 billion, up 59.60% YoY
- Operating profit: N82.88 billion, compared with loss of N91.07 billion
- Net finance income: N6.06 billion, compared with loss of N20.74 billion
- Profit before tax: N88.95 billion, compared with loss of N111.82 billion
- Earnings per share: N0.30, compared with loss of N1.16
Driving the numbers
A closer look at the company’s revenue figure of N619 billion shows that contracts with distributors of its brewed products contributed N615.2 billion, or about 99% of sales, with key accounts making up the remainder.
- As expected, cost of sales rose alongside revenue, reaching N409.4 billion compared to N357.6 billion in the prior year, driven mainly by materials consumed and production overheads.
- After accounting for these costs, gross profit settled at N209.6 billion, representing a strong 59.60% year-on-year increase from N131.3 billion.
However, operating expenses increased, with administrative expenses rising to N44.02 billion from N31.7 billion, while marketing and distribution costs climbed to N80.7 billion from N76.7 billion.
The company also reported other income of N973.4 million, mainly from sundry income, while other losses dropped sharply to N2.8 billion from N136.1 billion due to reduced FX pressures.
- This supported a rebound in operating profit to N82.8 billion from a loss of N91.07 billion previously, which, after net finance income of N6.06 billion, translated into a pre-tax profit of N88.9 billion.
- After accounting for income tax of N38.04 billion, post-tax profit settled at N50.9 billion for the year.
On the balance sheet, total assets rose slightly to N739.7 billion from N727.8 billion, while total liabilities declined to N239.9 billion from N278.9 billion.
Retained losses improved to N191.03 billion from N241.9 billion, leaving total equity at N499.8 billion.
Market reaction:
As of mid-trading on April 10, 2026, shares of the company are up over 9% on the day as investors are likely reacting to the financial results.
Priced at N13, the stock is currently correcting from an N11 low, after falling from a high of N15.70 recorded on December 29, 2025.
