Nigerian Breweries, Guinness Nigeria and International Breweries booked combined revenue of ₦1.99 trillion in the nine months to 30 September 2026, up 7.3 per cent from about ₦1.85 trillion a year earlier. All three widened their operating margins in unaudited results filed in October. Their balance sheets tell different stories.
Nigerian Breweries contributed ₦1.10 trillion, International Breweries ₦482.61 billion and Guinness Nigeria ₦403.33 billion. Lower finance costs and stronger gross margins did much of the lifting after two years of losses driven by the naira’s fall, and revenue growth alone does not show that Nigerians are buying more beer.
Guinness Nigeria Builds Stock
Guinness Nigeria grew fastest, with nine-month revenue up 20.4 per cent to ₦403.33 billion and third-quarter revenue up 41 per cent to ₦138.29 billion. Profit after tax rose 53.1 per cent to ₦40.69 billion, helped by a 61.9 per cent fall in finance expenses to ₦5.83 billion.
The balance sheet looks thinner than the profit line. Inventory rose 43.3 per cent to ₦65.65 billion, finished goods went from ₦7.1 billion in December to ₦17.5 billion, and cash of ₦1.40 billion sat against a ₦2.80 billion overdraft. Operating cash flow fell 17 per cent to ₦51.56 billion. The board still declared a ₦7 a share interim dividend, about ₦15.33 billion, on 21 October.
Nigerian Breweries Clears Debt
Nigerian Breweries’ revenue rose to ₦1.10 trillion from ₦1.05 trillion and operating profit climbed 10 per cent to ₦179.2 billion. Third-quarter revenue fell 3 per cent to ₦298.98 billion, yet the company posted its first third-quarter profit since 2022, ₦21 billion, helped by a ₦5.8 billion tax credit.
It repaid about ₦60 billion of borrowings during the period and now holds about ₦77 billion in cash. Operating cash flow more than doubled to about ₦150 billion. Receivables rose 83 per cent, meaning more cash is tied up in sums owed by customers.
Tax Cuts International’s Profit
International Breweries had the weakest sales growth, up 2.1 per cent to ₦482.61 billion, but gross margin rose to 40.6 per cent from 34.1 per cent. Profit before tax increased 21.9 per cent to ₦90.44 billion, yet profit after tax fell 5.7 per cent to ₦54.51 billion as income tax more than doubled to ₦35.93 billion. The company also used about ₦191 billion of share premium to clear accumulated losses and returned ₦84 billion to shareholders.
Festive Quarter Decides
The three brewers are not facing the same market, since Guinness Nigeria’s third-quarter revenue rose 41 per cent while Nigerian Breweries’ fell 3 per cent. The festive fourth quarter will show whether the recovered margins rest on higher beer sales or mainly on lower financing costs.
