By Victor Owencho.
Major brewery companies operating in Nigeria generated combined revenues exceeding N1.54 trillion in the first nine months of 2025, according to financial statements filed with the Nigerian Exchange Limited.
Financial Performance Overview
The three publicly listed brewers – Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc – all reported significant year-on-year revenue growth for the period ending September 30, 2025.
Nigerian Breweries Plc, the country’s largest brewer, led the sector with net revenue of N1.05 trillion, representing a 48% increase from N710.87 billion recorded in the same period of 2024. The company returned to profitability with a post-tax profit of N85.51 billion, compared to a N149.50 billion loss in 2024.
International Breweries Plc generated N472.57 billion in revenue, up 38% from N343.45 billion in 2024. The company posted a profit after tax of N57.83 billion, reversing its previous year’s loss of N112.81 billion.
Champion Breweries Plc recorded N21.44 billion in revenue, up from N14.02 billion in the corresponding period of 2024. The company’s profit after tax reached N2.05 billion.
Market Analysis
Industry analysts attribute the strong performance to brand loyalty and extensive distribution networks across Nigeria, despite challenges including rising production costs and macroeconomic pressures.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted that brewing companies are prioritizing capacity expansion and operational efficiency. He pointed to AB InBev’s investments in new production facilities at International Breweries as evidence of continued confidence in the Nigerian market.
However, Ayo Teriba, Chief Executive Officer of Economic Associates, cautioned that revenue growth alone does not indicate proportional economic contribution. “What really matters is net output, what value the company is actually creating. GDP is the sum of value created, not just total sales figures,” Teriba stated.
Industry Context
The beverage sector remains one of Nigeria’s most significant manufacturing industries, with major brewers employing thousands across production, distribution, and retail operations nationwide.
Data sourced from unaudited financial statements filed with the Nigerian Exchange Limited for the nine-month period, which ended September 30, 2025.
