Nigerian Breweries Plc has reported a strong performance for the nine months ended September 30, 2026, recording a 33% growth in profit after tax to N114.1 billion.
Revenue rose to N1.10 trillion, a 5% increase from N1.05 trillion in the corresponding period of 2025, while gross profit rose by 15% to N477.9 billion.
Results from operating activities grew by 10% to N179.2 billion, while profit before tax increased by 33% to N171.7 billion.
The growth in profitability was supported by a 78% reduction in net finance expenses, the company said.
Significantly, Nigerian Breweries returned to profitability in the standalone third quarter, following consecutive third quarter losses since 2022. The Company recorded a net profit of N21 billion between July and September 2026, compared with a net loss of N4 billion in the same period of 2025.
The company said the performance was delivered against a market environment in which consumer disposable income remained constrained, despite improvement in macroeconomic stability. It increased its market share, supported by strong performances in the premium segment, led by Heineken and Desperados.
Commenting on the results, Managing Director and Chief Executive Officer, Thibaut Boidin, said: “Our nine-month performance reflects the resilience of our business and the disciplined execution of our priorities. Despite continued pressure on consumer spending, we grew revenue, strengthened our market position and delivered a significant improvement in profitability.”
He added: “The return to profit in the third quarter is an important milestone and demonstrates the progress we are making. While volumes and net revenue declined during the quarter, the strength of our portfolio, improved gross margin and substantially lower finance expenses helped us deliver a positive bottom line.”
The Company also strengthened its financial position through robust cash generation and improved working-capital management.
Looking ahead, Boidin said: “We remain focused on building on this momentum through disciplined execution, continued investment behind our brands and rigorous cost and cash management. Although the operating environment remains demanding, we are confident in the strength of our business and maintain a positive outlook for the full year 2026.”
