In a striking display of consumer spending patterns, Nigeria's three major publicly listed brewing companies have collectively generated revenue surpassing N1.54 trillion during the first nine months of 2025. This substantial figure emerges from the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc, covering the period ending September 30, 2025. The filings, submitted to the Nigerian Exchange Group, reveal a robust performance across the board, with all three entities reporting improved top-line results compared to the corresponding period in 2024.
Market Leadership and Financial Recovery
Nigerian Breweries Plc, the nation's largest brewer, dominated the market with net revenue reaching N1.05 trillion, a significant leap from the N710.87 billion recorded in the previous year. The company's cost of sales stood at N631.23 billion, yielding a gross profit of N415.15 billion. After accounting for selling and distribution costs of N193.85 billion, administrative expenses of N59.58 billion, and finance charges of N39.15 billion, Nigerian Breweries posted a profit after tax of N85.51 billion. This marks a dramatic turnaround from the N149.50 billion loss reported in the same period of 2024, with basic earnings per share improving to 275 kobo from a negative 1,455 kobo.
Earlier in March 2025, the brewer had announced a return to profitability in the first quarter, showcasing a 186% year-on-year increase in net profit. Revenue for that quarter climbed by 68.9% to N383.6 billion, up from N227.1 billion in the corresponding period of 2024. This recovery was further bolstered by the completion of Nigerian Breweries' acquisition of Distell Wines and Spirits Nigeria Limited in the first quarter of 2025.
Turnaround and Growth Across the Sector
International Breweries' Strong Performance
International Breweries Plc also demonstrated a strong performance, with revenue rising to N472.57 billion for the nine-month period, compared to N343.45 billion in the previous year. The company achieved a post-tax profit of N57.83 billion, reversing a loss of N112.81 billion recorded in 2024. Cost of sales increased to N311.64 billion from N248.58 billion, while administrative, marketing, and distribution expenses grew to N92.09 billion from N72.68 billion. In the second quarter ended June 30, 2025, International Breweries reported a profit of N11.9 billion, a significant improvement from a loss of N47.3 billion in the same quarter of 2024, with revenue for Q2 2025 rising to N167.4 billion from N120 billion a year earlier.
Champion Breweries' Steady Expansion
Champion Breweries Plc recorded revenue of N21.44 billion for the nine-month period, up from N14.02 billion in the same period of 2024. Profit after tax increased to N2.05 billion, compared with N21.50 million in the previous year. The company's cost of sales rose to N11.14 billion from N8.13 billion, and selling and distribution expenses grew to N4.24 billion from N3.25 billion. Notably, in the third quarter of 2025, Champion Breweries acquired Bullet, a rapidly growing ready-to-drink alcoholic and energy beverage brand, from Sun Mark International Limited, signaling strategic expansion efforts.
Resilience Amid Economic Pressures
The combined revenue of N1.54 trillion generated by these three brewers underscores the remarkable resilience of Nigeria's beer industry. Market analysts attribute this performance to strong brand presence and extensive distribution networks, which have enabled the sector to thrive despite rising input costs and broader economic challenges. The consistent demand for beer and non-alcoholic beverages has played a pivotal role in driving revenue growth, highlighting consumer spending habits even in times of economic hardship.
In a related development, the United Kingdom has issued health warnings to Nigeria, Kenya, and other countries regarding deadly alcoholic drinks pre-mixed with methanol poisoning from counterfeit products. Travellers are advised to purchase only sealed drinks and avoid homemade or unregulated alcohol to ensure safety. This cautionary note adds a layer of context to the broader beverage industry landscape, emphasizing the importance of regulatory compliance and consumer protection.
Overall, the financial results from Nigeria's leading brewers not only reflect robust sectoral performance but also offer insights into consumer behavior and economic dynamics in the face of ongoing challenges.
