Nigerian Breweries Q3 2025 sees strong revenue growth and improved profits, marking a recovery from previous year’s losses

Nigerian Breweries Q3 2025 results reflect a notable turnaround, with the company reporting a nine-month pretax profit of N129.4 billion, compared to a loss of N202.9 billion in the same period of 2024.

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Although the brewer recorded a pretax loss of N2.7 billion in Q3 2025, this marked a sharp improvement from the N86.6 billion loss in Q3 2024.

Net revenue for the quarter rose 33.38% to N308.2 billion, driven by strong sales of brewed products.

For the nine-month period, revenue increased to N1.04 trillion from N710.8 billion the previous year.

Despite cost efficiencies, the cost of sales rose 12.83% in Q3 to N204 billion, mainly due to higher raw material costs. Gross profit stood at N104.1 billion, more than doubling from N50.2 billion in Q3 2024.

Operating expenses, however, surged. Selling and distribution expenses rose 37.41% to N63.1 billion, while administrative expenses jumped 120.24% to N30.8 billion, limiting operating profit to N11.2 billion—a recovery from an operating loss of N9.09 billion in the same period last year.

Foreign exchange gains of N2.6 billion and reduced finance costs from N29.5 billion to N11.3 billion supported the quarter’s performance, though a new impairment loss of N6 billion pushed net finance costs to N14 billion.

As a result, the company reported a net loss of N2.9 billion for Q3, a significant improvement from N64.3 billion in Q3 2024.

On the balance sheet, total assets stood at N1.11 trillion, down 2.43%, while total equity increased 17.81% to N546.5 billion.

Retained earnings remained negative at N85.5 billion but improved from N169.7 billion in December 2024. Total liabilities narrowed to N564 billion, with trade payables comprising N362.6 billion.

Key Q3 2025 Highlights (YoY)