Nigerians Spend ₦1.54tn On Beer, Others In Nine Months.

Major publicly listed breweries in Nigeria recorded combined revenue of over ₦1.54tn from beer and other non-alcoholic beverages within the first nine months of 2025, reflecting how much consumers spent on brewery products during the period under review.

An examination of the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc and Champion Breweries Plc for the nine months ended September 30, 2025, shows that the firms posted strong revenue growth, largely driven by beer sales.

Nigerian Breweries Plc, the country’s biggest brewer, reported net revenue of ₦1.05tn, an increase from ₦710.87bn recorded in the corresponding period of 2024. The company’s cost of sales stood at ₦631.23bn, resulting in a gross profit of ₦415.15bn.

After deducting selling and distribution expenses of ₦193.85bn, administrative costs of ₦59.58bn, finance expenses of ₦39.15bn and other charges, the company recorded a profit after tax of ₦85.51bn. This marked a significant turnaround from a loss of ₦149.50bn in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.

Earlier in the year, Nigerian Breweries announced a return to profitability in the first quarter of 2025, posting a 186 per cent rise in net profit compared with the same period in 2024. Its unaudited results showed that revenue for the quarter 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 also delivered strong performance, generating ₦472.57bn in revenue for the nine months ended September 30, 2025, up from ₦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 brewer had earlier reported a profit of ₦11.9bn for the second quarter ended June 30, 2025, a sharp recovery from a loss of ₦47.3bn in the same period of the previous year. Revenue for the quarter rose to ₦167.4bn from ₦120bn, while gross profit increased to ₦61.9bn from ₦33.8bn.

Champion Breweries Plc recorded revenue of ₦21.44bn for the nine months ended September 30, 2025, compared with ₦14.02bn in the same period of 2024. The company posted a profit after tax of ₦2.05bn, up from ₦21.50m recorded 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 brewers stood at ₦1.54tn, with Nigerian Breweries Plc accounting for the largest share of sales.

Industry analysts say the figures underline the resilience of Nigeria’s beer market, which continues to thrive on strong brand loyalty and extensive distribution networks, despite rising production costs and wider economic pressures.

Commenting on consumer trends, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, noted that spending habits are gradually shifting, with some consumers cutting back on beer consumption, a development influencing how breweries adjust their business strategies.

“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This indicates that firms are prioritising scaling operations and improving efficiency to meet rising demand and strengthen their market position,” Olubunmi said.

On the broader economic implications, the Chief Executive Officer of Economic Associates, Ayo Teriba, warned that strong sales figures do not always equate to greater economic contribution.

“The point is that bigger isn’t necessarily better. Sales may be boosted by size, but if that size reflects purchases from other companies rather than actual value added, the contribution to the economy is limited. What really matters is net output, what value the company is actually creating. GDP, after all, is the sum of value created, not just total sales figures,” Teriba said.