Nigerians spent an estimated ₦1.54 trillion on beer and other non-alcoholic beverages in the first nine months of 2025, as major listed breweries in the country recorded strong revenue growth during the period, an analysis by Dip Connect Online News shows.
Unaudited financial statements released by Nigerian Breweries Plc, International Breweries Plc and Champion Breweries Plc for the nine months ended September 30, 2025, indicate that the companies collectively generated over ₦1.54tn in revenue, largely driven by beer sales.
Nigerian Breweries Plc, the country’s largest brewer, posted net revenue of ₦1.05tn during the period, up significantly from ₦710.87bn recorded in the corresponding period of 2024. Cost of sales stood at ₦631.23bn, resulting in a gross profit of ₦415.15bn.
After accounting for selling and distribution expenses of ₦193.85bn, administrative expenses of ₦59.58bn, finance costs of ₦39.15bn and other charges, the company recorded a profit after tax of ₦85.51bn. This marked a major turnaround from a loss of ₦149.50bn reported in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.
Earlier in March, Nigerian Breweries Plc announced a return to profitability in the first quarter of 2025, reporting a 186 per cent increase in net profit compared to the same period in 2024. Its unaudited results on the Nigerian Exchange Limited showed that revenue for the period ended March 31, 2025, climbed to ₦383.6bn, representing a 68.9 per cent increase from ₦227.1bn recorded in the first quarter of 2024.
International Breweries Plc, which operates in Nigeria and other West African markets, recorded revenue of ₦472.57bn for the nine months ended September 30, 2025, compared to ₦343.45bn in the same period of 2024.
The company posted a profit after tax of ₦57.83bn, reversing a loss of ₦112.81bn recorded in 2024. Cost of sales rose to ₦311.64bn from ₦248.58bn, while administrative, marketing and distribution expenses increased to ₦92.09bn from ₦72.68bn.
The International Breweries Plc recorded a profit of ₦11.9bn in the second quarter ended June 30, 2025, marking a turnaround from a loss of ₦47.3bn in the same period of the previous year. Revenue for the quarter rose to ₦167.4bn from ₦120bn in Q2 2024, while gross profit increased to ₦61.9bn from ₦33.8bn.
Champion Breweries Plc also posted improved performance, recording revenue of ₦21.44bn for the nine months ended September 30, 2025, up from ₦14.02bn in the corresponding period of 2024. The company reported a profit after tax of ₦2.05bn, compared with ₦21.50m in 2024. Cost of sales increased to ₦11.14bn from ₦8.13bn, while selling and distribution expenses rose to ₦4.24bn from ₦3.25bn.
In total, the combined revenue of the three breweries amounted to ₦1.54tn, with Nigerian Breweries Plc accounting for the largest share of sales.
Industry analysts say the figures underscore the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and extensive 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, noted that while the market remains strong, spending patterns are gradually shifting, with some consumers reducing beer consumption.
“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This shows that firms are prioritising scale, efficiency and long-term market positioning to meet demand,” Olubunmi said.
On the broader economic implications, the Chief Executive Officer of Economic Associates, Ayo Teriba, cautioned that rising sales figures do not automatically translate into increased economic contribution.
“Bigger is not necessarily better. Sales may rise due to scale, but if that growth reflects purchases from other companies rather than real value added, the contribution to the economy remains limited. What matters is net output, the actual value created. Gross Domestic Product is the sum of value created, not just total sales,” Teriba explained.
Elijah Adeyemi
