NIGERIANS SPEND N1.54TN ON BEER AND OTHER DRINKS IN NINE MONTHS
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By: Fasasi Hammad
Major listed brewers in Nigeria raked in a combined revenue of over N1.54 trillion from beer and other non-alcoholic beverages in the first nine months of 2025, highlighting the substantial amount Nigerians spent on brewery products during the period.
According to unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the period ending September 30, 2025, the companies recorded strong top-line growth, largely fueled by beer sales.
Nigerian Breweries Plc, the country’s largest brewer, posted net revenue of N1.05tn, up from N710.87bn in the same period in 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 costs of N59.58bn, and finance costs of N39.15bn, the company achieved a profit after tax of N85.51bn, reversing a loss of N149.50bn in 2024. Basic earnings per share rose to 275 kobo from a previous loss of 1,455 kobo.
Earlier in March, Nigerian Breweries had reported a 186% rise in net profit for Q1 2025, with revenue increasing 68.9% to N383.6bn from N227.1bn in Q1 2024.
International Breweries Plc, operating in Nigeria and other West African markets, recorded N472.57bn in revenue for the nine months, up from N343.45bn in the corresponding period of 2024. Profit after tax stood at N57.83bn, a reversal from a loss of N112.81bn in 2024. Cost of sales increased to N311.64bn, while administrative, marketing, and distribution expenses rose to N92.09bn from N72.68bn. In Q2 2025, the company posted a profit of N11.9bn, bouncing back from a loss of N47.3bn in Q2 2024, with revenue rising to N167.4bn from N120bn.
Champion Breweries Plc also saw growth, posting revenue of N21.44bn for the nine months, up from N14.02bn in 2024. Profit after tax rose to N2.05bn from N21.50m, while cost of sales and distribution expenses increased to N11.14bn and N4.24bn, respectively.
Overall, the three companies generated N1.54tn collectively, with Nigerian Breweries accounting for the majority of sales.
Analysts note that these figures underscore the resilience of Nigeria’s beer market, which benefits from strong brand loyalty and extensive distribution networks despite rising production costs and broader macroeconomic pressures.
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Commenting on consumer trends, Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., observed 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 shows that firms are focusing on scaling operations and improving efficiency to meet rising demand and strengthen market share,” Olubunmi said.
On the wider economic impact, Ayo Teriba, CEO of Economic Associates, warned that strong sales figures do not automatically translate into greater economic contribution.
“The point is that bigger isn’t necessarily better. High sales may reflect transfers from other companies rather than true value creation. GDP measures value added, not just total revenue. What matters is net output and the real contribution to the economy,” Teriba explained.
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