Nigerian Breweries returned to profitability after two years of losses, posting a net profit of N99.1 billion in 2025, reversing a N145 billion loss a year earlier, as strong revenue growth, improved operating efficiency, and aggressive balance-sheet restructuring combined to restore profitability.
According to the company’s 2025 full-year financial statement, revenue increased to N1.47 trillion from N1.08 trillion a year earlier, reflecting broad-based growth across its product portfolio and indicating the brewer successfully balanced price increases with sustained consumer demand despite inflationary pressures.
Operating profit rose to N205.2 billion from N69.9 billion, suggesting a major improvement in margins driven by cost controls, operating leverage, and more efficient production economics.
Finance costs remained significant at 44.1 billion, but the company still delivered a pre-tax profit of N161.1 billion, reversing the prior year’s loss of N182.9 billion and signalling that financing pressures eased materially. A tax charge of N62.0 billion reduced final earnings but reflected renewed profitability rather than distress.
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Diluted earnings per share rose to 319 kobo from a loss of N1,207 kobo the previous year, while net assets per share increased to 1,808 kobo from 763 kobo. Investor sentiment improved accordingly, with the share price closing the year at N75.30 compared with N36 in 2024, signalling renewed market confidence in the brewer’s outlook.
“In 2025, the company made a rebound from what was a challenging year for the business in 2024, driven mainly by macroeconomic factors. 2025 saw an improved but still volatile operating environment. Group revenue grew by 35 percent, supported by sustained innovation, premiumisation, right pricing, and strong commercial execution,”the company disclosed in its earnings report.
It added that the rebound was aided by an 83% reduction in net finance costs following the successful 2024 rights issue, which helped to deleverage the balance sheet and eliminate foreign currency exposures.
Balance sheet growth tells a brighter story
The balance sheet expanded alongside earnings, with total assets rising to about N1.07 trillion, reflecting higher inventories, ongoing investments, and expansion in production capacity.
Property, plant, and equipment increased to N585.3 billion from N535.3 billion, highlighting continued capital deployment in breweries, logistics infrastructure, and production technology. Intangible assets and goodwill stood at N98.3 billion, while inventories totaled N193.8 billion, underscoring the working capital intensity of large-scale beverage production. Non-current assets reached N727.9 billion, confirming the capital-intensive nature of the business model.
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Capital investment remained substantial. Additions to property, plant, and equipment totaled about N124.9 billion, while capital work-in-progress declined sharply to N47.2 billion from N122.6 billion, suggesting major projects reached completion or shifted into the operational phase.
This level of spending signals long-term strategic positioning through modernisation, automation, and capacity upgrades rather than short-term expansion alone.
“Despite the positive 2025 results, the Company’s retained earnings position remained in the negative, arising from the heavy net losses suffered in the last two years. The Board is nevertheless pleased that the journey to reversing the negative position is proceeding in line with expectations.”
“The full acquisition and integration of Distell Wines and Spirits Nigeria Limited was completed in 2025 with a one-off integration cost. The integration will help to expand the company beyond the beer portfolio and contribute to its long-term growth prospects,” the company disclosed.
