Nigerian Breweries nets N55.95bn Q1 profit

By Damilare Adeleye

Nigerian Breweries Plc has reported a 25.6% rise in profit after tax, recording N55.95 billion for the first quarter ended March 31, 2026, amid what it described as a “fragile and volatile operating environment” worsened by the crisis in the Middle East.

The brewer released its unaudited and provisional results obtained on Nigerian Exchange Limited on Thursday, showing broad-based gains across revenue and profitability metrics.

It attributed the 8% revenue growth to “strong revenue management, the performance of premium brands led by Heineken lager, and execution of growth initiatives.”

According to the company, profitability was boosted by two factors, including disciplined cost control and a sharp drop in net finance expense. Gross profit grew 8% to N179.85bn, while net finance expense fell 54.5% to N6.95bn from N15.23bn last year, reflecting lower borrowings and improved liquidity.

That combination pushed profit before tax up 13.8% to N80.41bn, with profit after tax climbing 25.6% to N55.95bn. Earnings per share rose to 180 kobo from 143 kobo.

“The balance sheet remained strong, with continuing improvement in liquidity,” the company said in the provisional results signed by the Company Secretary, Uaboi Agbebaku, Esq.

“Stronger cash position supported the recent settlement of outstanding borrowings, thereby strengthening the Company’s financial position.”

The brewer noted that its Q1 performance continues the recovery trend seen through 2025, even as input costs, FX volatility, and geopolitical tensions from the Middle East crisis pressure consumer spending.

“The Board and Management remain focused on execution excellence, revenue optimisation, cost control, and efficient cash management to sustain the momentum and deliver long-term stakeholder value,” the statement.

It added that due to the Middle East crisis, the company “has also intensified focus on risk management by reviewing downside scenarios and implementing mitigations across key exposures to protect performance and preserve financial flexibility.”