Major listed brewers in Nigeria generated a combined revenue of over N1.54tn from the sale of beer and other non-alcoholic drinks in the first nine months of 2025, indicating the estimated amount spent by Nigerians on brewery products during the review period, an analysis by The PUNCH shows.
According to the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ended September 30, 2025, the companies collectively recorded strong top-line performance driven largely by beer sales.
Nigerian Breweries Plc, the largest brewer in the country, recorded net revenue of N1.05tn for the period, up from N710.87bn in the corresponding period of 2024. Cost of sales stood at N631.23bn, resulting in a gross profit of N415.15bn.
After accounting for selling and distribution expenses of N193.85bn, administrative expenses of N59.58bn, finance costs of N39.15bn, and other charges, the company posted a profit after tax of N85.51bn, compared with a loss of N149.50bn in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.
International Breweries Plc, which operates in Nigeria and other West African markets, generated revenue of N472.57bn for the nine months ended September 30, 2025, up from N343.45bn in the same period of 2024.
The company reported a profit after tax of N57.83bn, reversing a loss of N112.81bn in 2024. Cost of sales increased to N311.64bn from N248.58bn, while administrative, marketing, and distribution expenses rose to N92.09bn from N72.68bn.
Champion Breweries Plc recorded revenue of N21.44bn for the nine months ended September 30, 2025, up from N14.02bn in the same period of 2024. The company posted a profit after tax of N2.05bn, compared with N21.50m in 2024. Cost of sales rose to N11.14bn from N8.13bn, while selling and distribution expenses increased to N4.24bn from N3.25bn.
Overall, the combined revenue of the three companies amounted to N1.54tn, with Nigerian Breweries Plc accounting for the bulk of sales.
Analysts say the figures highlight the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and distribution networks despite rising production costs and broader macroeconomic pressures.
Commenting on consumer behaviour, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, said the market is experiencing a gradual shift in spending patterns, with some consumers reducing beer consumption, a trend influencing how breweries adjust their strategies.
“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This indicates that firms are prioritising scaling operations and improving efficiency to meet rising demand and strengthen their market position,” Olubunmi said.
On the broader economic impact, the Chief Executive Officer of Economic Associates, Ayo Teriba, cautioned that strong sales figures do not necessarily translate into greater economic contribution.
