Nigeria’s largest brewer returns to profit as revenue tops $1 billion

After a year marked by currency pressure, higher borrowing costs and softer consumer spending, Nigerian Breweries Plc, the pioneer and largest brewing company in Nigeria, delivered a set of results that signaled a clear turnaround in 2025. The country’s oldest and largest brewer said revenue rose above $1 billion for the first time in recent years, as price adjustments and tighter execution across its portfolio helped offset a difficult operating climate.

For the year ended Dec. 31, 2025, revenue climbed 36 percent to N1.47 trillion ($1.08 billion), from N1.08 trillion in 2024, according to the company’s financial statements. Management attributed the increase to disciplined pricing, a stronger mix of premium products and improved distribution. Operating profit followed suit, rising to N205 billion ($151.3 million) from N69.9 billion ($51.6 million), reflecting cost controls and better efficiency across its breweries.

Profit rebounds after loss, acquisition

The improvement at the operating level filtered down to the bottom line. Profit after tax came in at N99.1 billion ($73.14 million), reversing a loss of N144.9 billion ($106.9 million) in the prior year. A sharp 83 percent drop in net finance charges supported the recovery, after the company’s 2024 rights issue reduced foreign currency debt and eased exposure to exchange-rate swings that had weighed heavily on earlier earnings.

Even so, the year was not without additional costs. Nigerian Breweries completed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited in 2025, incurring one-off integration expenses. Executives said the transaction broadens the company’s reach beyond beer into wines and spirits, a move they expect will strengthen earnings over time and reduce reliance on a single product category.

Nigerian Breweries equity rises, losses narrow

Founded in 1946, Nigerian Breweries has grown from a single operation into a nationwide network of nine breweries, two malting plants in Aba and Kaduna, and a broad system of sales offices and distribution centers. Its export business, which began in 1986, now reaches the UK, the Netherlands, the U.S., Canada, parts of Africa, and markets in the Middle East and Asia.

On the Nigerian Exchange, the brewer’s market capitalization stood at N2.54 trillion ($1.9 billion) at the time of writing, placing it among the country’s most valuable listed companies. As it trimmed debt and restructured its balance sheet, total assets declined to N1.066 trillion ($786.8 million) as of Dec. 31, 2025, from N1.14 trillion ($842 million) a year earlier. Total equity, however, strengthened to N560.2 billion ($413.5 million), up from N463.94 billion.

Retained earnings remain negative after losses recorded in the previous two financial years, though the gap narrowed significantly. Retained losses improved to N72.2 billion ($53.3 million) from N169.8 billion ($125.3 million). With Distell now fully integrated, including wine production at the Ibadan brewery, management said the company is positioned as a broader beverage group and is working toward restoring positive retained earnings in the year ahead.