Nigerian Breweries Plc recorded a profit after tax of N55.95 billion for the first quarter ended 31 March 2026, a 25.6 per cent increase from the N44.55 billion reported in the same period of 2025. Revenue rose 8 per cent to N413.02 billion, up from N383.64 billion a year earlier, while cost of sales increased to N233.16 billion from N216.05 billion.
Selling, distribution and administration expenses grew by 14.2 per cent to N93.41 billion, driven by heightened brand and sales activities. Despite the rise in operating costs, the company benefited from a 55 per cent decrease in net finance expenses, which contributed significantly to the growth in net profit. Company Secretary Uaboi Agbebaku noted that the strong performance sustained the 2025 recovery trajectory even amid a fragile and volatile operating environment exacerbated by the Middle East crisis.
Managing Director Thibaut Boidin expressed confidence in the brewer’s financial position, stating that the balance sheet remained strong and that liquidity continued to improve. “The improved cash position supported the recent settlement of outstanding borrowings, thereby strengthening the company’s financial position,” Boidin said. He added that the company remains focused on execution excellence, revenue optimisation, cost control and efficient cash management to sustain momentum and deliver long‑term value.
The Q1 performance reflects the resilience of Nigeria’s brewing sector despite persistent headwinds. Premium brands, led by Heineken Lager, drove revenue growth, while disciplined cost management helped preserve margins. The sharp drop in finance expenses suggests that the company has made progress in restructuring its debt profile, a move that enhances financial flexibility and reduces exposure to interest rate volatility.
For the broader manufacturing landscape, Nigerian Breweries’ results offer a positive signal about corporate adaptability in a challenging macroeconomic environment. The company has indicated it will continue to intensify risk management, review downside scenarios and implement mitigation measures across key exposures. As the Middle East crisis persists, maintaining this cautious yet forward‑looking stance will be critical to protecting performance and preserving financial flexibility.
