Nigerian Breweries net N804bn revenue as profit hits N164bn in six months

Nigerian Breweries Plc has reported a 9 per cent increase in revenue for the first half of the 2026 financial year, posting N804 billion and restoring its retained earnings to a positive position as the brewer continues its financial recovery.

The company’s unaudited financial results for the period ended June 30, 2026, showed that revenue rose from N738 billion recorded in the corresponding period of 2025.

The brewer also recorded an 8 per cent increase in operating profit, which grew from N152 billion in the first half of 2025 to N164 billion, despite a 20 per cent rise in selling, distribution and administrative expenses.

Improved net finance expenses also boosted performance, with profit before tax rising by 18 per cent during the period. However, the company said the implementation of new tax rates moderated the growth in profit after tax to five per cent.

In a statement issued on Wednesday, the Company Secretary and Legal Director, Uaboi Agbebaku, attributed the performance to effective revenue management strategies, sustained investment in strategic brands and continued growth in the premium and malt categories.

He said the company remained resilient despite the challenging macroeconomic environment.

“The increase in group revenue reflects the benefit of revenue management actions and strategic management initiatives, sustained investment in strategic brands, focused execution across the value chain and continued contribution from the premium brands and the malt category,” Agbebaku said.

According to him, the company’s gross profit margin expanded by two percentage points, while profit before tax increased by 18 per cent, supported by a 61 per cent reduction in net finance expenses.

He noted that Nigerian Breweries had further strengthened its financial position by maintaining zero borrowing, improving liquidity and easing financing pressures.

Agbebaku added that the stronger cash position provides the company with greater flexibility to respond to changing market conditions while supporting its long-term business priorities.

He also confirmed that the company had restored its retained earnings to a positive position, describing it as another milestone in its ongoing business recovery and value creation efforts.