Nigerian Breweries Plc reported a pretax profit of N80.4 billion in its unaudited Q1 2026 results, recently filed on the NGX, continuing its upward earnings trend.
This is a 14.89% increase from the N69.9 billion posted in Q1 2025, with growth largely supported by a stronger revenue base during the period.
Revenue from brewed products came in at N413.01 billion, up from N383.6 billion in the same quarter last year, reflecting steady demand.
On the balance sheet, retained losses narrowed from N72.1 billion in 2025 to N16.2 billion in Q1 2026, bringing the company closer to a position that can better support future dividend distributions.
Key highlights (Q1 2026 vs Q1 2025)
- Net revenue: N413.01 billion, up 7.66% YoY
- Cost of sales: N233.1 billion, up 7.42% YoY
- Gross profit: N179.8 billion, up 7.98% YoY
- Other income: N923.3 million, up 22.39% YoY
- Operating income: N87.3 billion, up 2.46% YoY
- Net finance costs: N6.9 billion vs N15.2 billion
- Pretax profit: N80.4 billion, up 14.89% YoY
- Retained losses: N16.2 billion vs N72.1 billion
Driving the numbers
A closer look at Nigerian Breweries Plc’s books shows the cost of sales rose with revenue to N233.1 billion, from N217.06 billion in Q1 2025.
- After accounting for these costs, gross profit came in at N179.8 billion, up 7.98% year-on-year from N166.5 billion, reflecting a measured expansion in margins.
Other income rose 22.39% to N923.3 million, but after selling and distribution expenses (N73.7 billion), administrative costs (N17.7 billion), and credit losses (N1.9 billion), operating profit settled at N87.3 billion, slightly above N85.2 billion.
- Lower net finance costs of N6.9 billion, down from N15.2 billion, supported pretax profit growth to N80.4 billion from N69.9 billion in Q1 2025.
- After a tax expense of N24.4 billion, post-tax profit stood at N55.9 billion, up from N44.5 billion, while earnings per share increased to N1.80 from N1.43.
On the balance sheet, total assets rose to N1.13 trillion from N1.06 trillion, with property, plant, and equipment at N586.1 billion remaining the largest asset base.
Retained losses improved significantly to N16.2 billion from N72.1 billion, lifting total equity to N616.3 billion from N560.2 billion.
Total liabilities increased to N520.8 billion from N505.8 billion, with trade and other payables at N398.7 billion representing the largest obligations.
Market reaction
The group released its Q1 2026 results after market close on April 23, 2026, so investor reaction is expected in subsequent trading sessions.
On a year-to-date basis, Nigerian Breweries Plc is down 3.05% and trades around N73, a level which dip-buying investors might favor.
