Nigerian Breweries Plc has reported a 33.4% increase in profit after tax to N114.1 billion for the nine months ended September 30, 2026, compared with N85.51 billion recorded in the corresponding period of 2025.
The brewing company disclosed this in its unaudited interim financial statements, which showed that net revenue increased by 5.4% to N1.10 trillion from N1.05 trillion a year earlier.
Profit before tax rose by 32.6% to N171.68 billion, compared with N129.47 billion in the corresponding period of 2025.
During the period under review, gross profit increased by 15.1% to N477.90 billion from N415.15 billion on the back of lower production costs relative to revenue.
While cost of sales declined marginally by 1% to N624.76 billion from N631.23 billion to improve the company’s gross profit margin to approximately 43.3% from 39.7%.
However, selling and distribution expenses increased by 24.3% to N240.94 billion, compared with N193.85 billion in the previous year.
Administrative expenses remained relatively stable at N59.85 billion, against N59.58 billion recorded during the corresponding period.
Despite the higher distribution expenses, Nigerian Breweries recorded a 9.8% increase in operating profit to N179.18 billion from N163.13 billion.
The company’s financial performance also benefited from a significant reduction in financing costs.
Finance costs declined by 61.3% to N11.20 billion from N28.90 billion, while finance income increased to N3.70 billion from N1.32 billion.
Net finance costs, including the impairment losses reflected in the comparative period, declined to N7.50 billion from N33.66 billion.
The improvement in financing expenses contributed to the company’s stronger pretax earnings during the nine-month period.
Earnings per share increased to 368 kobo, equivalent to N3.68, from 275 kobo, or N2.75, in the corresponding period of 2025.
Meanwhile, the company’s third-quarter performance showed a recovery in profitability despite a decline in revenue.
Revenue for the three months ended September 30, 2026, declined by 3% to N298.98 billion from N308.24 billion a year earlier.
However, the company recorded a third-quarter profit after tax of N21.14 billion, reversing the N2.91 billion loss reported in the corresponding quarter of 2025.
The results indicate that improved gross margins and lower financing costs helped Nigerian Breweries sustain earnings growth even as revenue expansion remained modest.
For investors, the company’s performance highlights stronger profitability, although rising distribution expenses and weaker third-quarter revenue remain important indicators to monitor in subsequent reporting periods.
