Heineken’s Nigerian Breweries Swings to N88bn Profit in First Half

Nigerian Breweries, the country’s biggest brewer, swung to a profit after tax of N88.42 billion in the first six months of 2025 from a loss of N85.20 billion a year earlier.

Its revenue jumped to N738.14 billion from N479.77 billion, according to its earnings report released on Tuesday.

The company, a subsidiary of Netherlands-based Heineken N.V., reported a net foreign exchange gain of N7.32 billion compared with a loss of N112.27 billion in the same period of last year.

Nigerian Breweries said that although the macroeconomic environment was reasonably stable, it was still characterised by high inflation and constrained disposable income.

It said: “The performance in the first half of the year was driven by sustained innovation, strong commercial execution, optimising the right pricing strategies amidst rising input costs, further improvement in cost management, and enhanced operational efficiencies. It underscores the company’s strong fundamentals and agility in navigating a challenging business landscape.

“The company also benefited from the prudent utilisation of the proceeds of the Rights Issue, which
were used for overall debt reduction and elimination of foreign currency-denominated debt, and these
resulted in a significant reduction of the net financing costs by 87%.”

It said focus will remain on cost optimisation, market execution, and strengthening brand equity across the portfolio.