Major listed brewers in Nigeria generated a combined revenue of over N1.54tn from the sale of beer and other non-alcoholic drinks in the first nine months of 2025, indicating the estimated amount spent by Nigerians on brewery products during the review period, according to an analysis by PUNCH.
Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc all reported strong top-line performance for the nine months ending September 30, 2025, according to their unaudited financial statements. This prosperity was mostly driven by beer sales.
The biggest brewer in the nation, Nigerian Breweries Plc, reported net revenue of N1.05 trillion for the quarter, up from N710.87 billion during the same time in 2024. With a gross profit of N415.15 billion, the cost of sales was N631.23 billion.
In contrast to a loss of N149.50 billion in 2024, the company reported a profit after tax of N85.51 billion after deducting selling and distribution expenditures of N193.85 billion, administrative expenses of N59.58 billion, financing costs of N39.15 billion, and other charges. After losing 1,455 kobo the year before, basic earnings per share increased to 275 kobo.
Nigerian Breweries Plc reported in March that it had returned to profitability in the first quarter of 2025, with a net profit gain of 186% over the same period in 2024. According to the Nigerian Exchange Limited’s unaudited financial reports, revenue increased by 68.9% from N227.1 billion in the first quarter of 2024 to N383.6 billion in the period ending March 31, 2025.
For the nine months ending September 30, 2025, International Breweries Plc, which has operations in Nigeria and other West African markets, brought in N472.57 billion, up from N343.45 billion during the same time in 2024.
Champion Breweries Plc recorded revenue of N21.44bn for the nine months ended September 30, 2025, up from N14.02bn in the same period of 2024. The company posted a profit after tax of N2.05bn, compared with N21.50m in 2024. Cost of sales rose to N11.14bn from N8.13bn, while selling and distribution expenses increased to N4.24bn from N3.25bn.
The corporation reversed a N112.81 billion loss in 2024 by reporting a profit after tax of N57.83 billion. Sales costs went up to N311.64 billion from N248.58 billion, and marketing, distribution, and administrative costs went up to N92.09 billion from N72.68 billion.
Nigerian Breweries Plc accounted for the majority of the three firms’ combined N1.54 trillion in revenue.
According to analysts, the numbers demonstrate how Nigeria’s beer business has persevered in the face of growing production costs and wider macroeconomic difficulties thanks to robust distribution networks and strong brand loyalty.
“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.
Regarding consumer behaviour, Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., stated that the market is seeing a slow change in spending habits, with some consumers cutting back on beer consumption. This trend is affecting how breweries modify their tactics.
Ayo Teriba, the CEO of Economic Associates, issued a warning over the wider economic impact, pointing out that high sales numbers do not always equate to higher economic output.
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