Nigerian Breweries Plc has unveiled its unaudited results for the first nine months of 2025, revealing a pretax profit of ₦129.4 billion, which is a sharp turnaround from the ₦202.9 billion loss suffered in the same period of 2024.
Yet, the picture is mixed. In the third quarter (Q3) of 2025, the company still posted a pretax loss of ₦2.7 billion, though this is a dramatic improvement from the ₦86.6 billion loss in Q3 2024.
Revenue in Q3 jumped by 33.38% to ₦308.2 billion, driven by strong demand for the brewer’s product lines. Over the nine months, net revenues surged to ₦1.04 trillion, up from ₦710.8 billion the previous year.
Still, rising costs eroded some of the gains. In Q3, cost of sales grew 12.83% to ₦204 billion, pressuring the gross margin. Selling and distribution expenses rose 37.41% to ₦63.1 billion, while administrative costs soared 120.24% to ₦30.8 billion. Operating profit came in at ₦11.2 billion, reversing a prior loss of ₦9.09 billion in Q3 2024.
Foreign exchange gains added ₦2.6 billion, contrasting with a ₦1.5 billion loss a year before, and finance costs fell to ₦11.3 billion from ₦29.5 billion. But an impairment charge of ₦6 billion — not present in 2024, pushed net finance costs up to about ₦14 billion and helped to tip the quarter into a pretax loss.
All told, Q3 ended with a pretax loss of ₦2.7 billion and a net loss of ₦2.9 billion, which is still far better than the ₦86.6 billion pretax loss and ₦64.3 billion net loss logged in Q3 2024.
On the balance sheet front, total assets were valued at ₦1.11 trillion (a 2.43% decline), with property, plant, and equipment accounting for ₦564 billion and inventories at ₦224.1 billion. Total equity rose 17.81% to ₦546.5 billion, though retained earnings remain negative at ₦85.5 billion (better than –₦169.7 billion in December 2024). Meanwhile, liabilities declined from ₦674.3 billion to ₦564 billion, with trade payables of ₦362.6 billion dominating.
“Nigerian Breweries Plc has released its unaudited financial statements for the nine months ended September 30, 2025, reporting a pretax profit of N129.4 billion, compared to a loss of N202.9 billion in the corresponding period of 2024.”
