Nigerian Breweries Posts First Quarterly Profit in Three Years

Nigerian Breweries Plc, the country’s biggest brewer, reported a profit for the first time since the first quarter of 2022, according to its latest financial statements released on Thursday.

The company reported an after-tax profit of N44.6 billion in Q1 2025 compared with a loss of N52.1 billion a year earlier. Its revenue grew by 68.9% to N383.6 billion while net finance expenses dropped by 83%.

“Despite Nigeria’s volatile macroeconomic environment marked by high inflation and constrained disposable income, the company delivered a strong performance in the quarter, driven by a continued focus on agility, innovation, and disciplined execution,” Uaboi Agbebaku, the company secretary, said in its earnings report.

He said the strategic initiatives introduced last year, including portfolio optimisation, rightsizing of operations and disciplined working capital management, continued to yield strong results. “The company is firmly on track in the execution of its turnaround plan, including restoring long-term profitability, and building a solid foundation for sustainable growth.”

The board thanked shareholders for their “unwavering support, particularly on the rights issue, which was 92% subscribed”, he said.

“Their commitment has been instrumental in repositioning the Company for long-term success and growth,” he said.

Nigerian Breweries said that while the operating environment remains uncertain and the low season approaches, it is confident of its ability to navigate ongoing macroeconomic pressures.

“With a clear focus on agility, innovation, the integration of Distell, and financial discipline, the company remains well-positioned to drive continued growth and deliver value to all stakeholders.”