By Our Correspondent
The Nigerian Breweries Plc has recorded a 33% increase in profit after tax to N114.1 billion for the nine months ended September 30, 2026, driven by improved gross margins, lower finance costs and stronger operational efficiency.
The company’s revenue rose by five per cent to N1.10 trillion, compared with N1.05 trillion recorded in the corresponding period of 2025, reflecting sustained business growth despite prevailing economic challenges and pressure on consumer spending.
Gross profit increased by 15 per cent to N477.9 billion, while profit before tax climbed by 33 per cent to N171.7 billion.
The improvement in profitability was largely supported by a 78 per cent reduction in net finance expenses, which significantly eased the company’s financing burden.
The brewer also recorded a strong recovery in the third quarter, returning to profitability after posting a loss in the corresponding period of the previous year.
For the three months ended September 2026, the company posted a net profit of N21 billion, reversing the N4 billion loss recorded in the third quarter of 2025.
Similarly, profit from operating activities rose by 10 per cent to N179.2 billion, reflecting improved operational efficiency and tighter cost management.
Despite the challenging consumer environment, Nigerian Breweries said it strengthened its competitive position and gained market share, particularly in the premium segment, supported by improved performances from its Heineken and Desperados brands.
Commenting on the results, the Managing Director and Chief Executive Officer of Nigerian Breweries Plc, Thibaut Boidin, said the performance demonstrated the resilience of the business and the effectiveness of its strategic initiatives amid difficult market conditions.
He said the company sustained revenue growth, reinforced its market position and significantly improved profitability despite continued pressure on consumers’ purchasing power.
Boidin described the return to profitability in the third quarter as a major milestone in the company’s recovery, attributing the development to sustained efforts to strengthen its financial position and operational capacity.
He acknowledged that the company experienced declines in sales volumes and net revenue during the quarter but said its strong brand portfolio, improved gross margins and reduced finance expenses helped sustain positive earnings.
The company also reported stronger cash generation and improved working capital management, which further reinforced its financial position at the end of the nine-month period.
According to Boidin, the improved net cash position would provide the brewer with greater capacity to fund strategic initiatives, deepen investment in its brands and support sustainable long-term growth.
Looking ahead, he said the company would sustain its focus on strategic execution, brand investment, operational efficiency, cost discipline and effective cash management.
While acknowledging the challenging operating environment, Boidin expressed confidence in the company’s underlying business fundamentals and maintained an optimistic outlook for the full financial year ending December 2026.
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