Nigerian Breweries’ nine-month profit rises 33% to N114.1bn

Nigerian Breweries Plc has reported a 33 per cent increase in profit after tax to N114.1bn for the nine months ended September 2026, supported by lower finance costs and improved gross margins.

The brewer’s revenue rose by five per cent to N1.10tn, compared with N1.05tn recorded in the corresponding period of 2025, while gross profit increased by 15 per cent to N477.9bn.

Profit before tax also grew by 33 per cent to N171.7bn, while results from operating activities rose by 10 per cent to N179.2bn.

The company disclosed the figures in its third-quarter 2026 results released on Wednesday.

According to the company, profitability was supported by a 78 per cent reduction in net finance expenses, alongside improved performance in its premium product segment, led by Heineken and Desperados.

Nigerian Breweries also returned to profitability in the third quarter, recording a net profit of N21bn between July and September 2026, compared with a net loss of N4bn in the same period of 2025.

The company said the return to profit ended a run of consecutive third-quarter losses dating back to 2022.

Commenting on the results, the Managing Director and Chief Executive Officer, Thibaut Boidin, said the performance reflected the resilience of the business and the execution of its strategic priorities despite pressure on consumer spending.

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“Our nine-month performance reflects the resilience of our business and the disciplined execution of our priorities. Despite continued pressure on consumer spending, we grew revenue, strengthened our market position and delivered a significant improvement in profitability,” he said.

Boidin noted that although volumes and net revenue declined during the third quarter, stronger gross margins and lower finance expenses helped the company return to profit.

He added that the company had strengthened its financial position through improved cash generation and working-capital management, leaving it better positioned to fund its operations and growth plans.

Looking ahead, Boidin said the company would focus on investing in its brands, managing costs and maintaining disciplined cash management.

“Although the operating environment remains demanding, we are confident in the strength of our business and maintain a positive outlook for the full year 2026,” he said.