Lagos, Nigeria— Nigerian Breweries Plc has announced a strong financial performance for the first half of 2025, posting revenue of N738.144 billion, a significant increase from N479.767 billion in the same period last year.
The provisional results show that while the cost of sales rose from N319.19 billion in H1 2024 to N423.57 billion in 2025, gross profit surged by 94.76%, reaching N310.999 billion compared to N159.684 billion previously. Impressively, net profit turned positive with N88.06 billion recorded, marking a remarkable 204% recovery from a loss of N84.32 billion in H1 2024.
Managing Director Thibaut Boidin attributed this outstanding turnaround to the company’s resilient fundamentals and strategic agility in a challenging environment marked by high inflation and squeezed consumer spending.
He highlighted key drivers behind the performance including sustained innovation, strong commercial execution, prudent pricing adjustments in response to rising costs, effective cost containment, and improved operational efficiency.
Boidin also noted the company’s smart use of proceeds from a recent Rights Issue, which led to an 87% reduction in net financing costs. This deleveraging strengthened Nigerian Breweries’ balance sheet and reduced exposure to an environment of elevated interest rates.
Additionally, the elimination of foreign currency-denominated debt and the relative stability of the naira resulted in a net foreign exchange gain in contrast to losses in the previous period.
Company Secretary and Legal Director Uaboi Agbebaku emphasized the Board’s focus on ensuring long-term shareholder value through cost optimization, aggressive market execution, and enhancing brand equity.
Agbebaku further remarked that the full acquisition and integration of Distell Wines and Spirits Nigeria Limited’s operations will bolster Nigerian Breweries’ foundation for sustainable growth and value creation.
By Enoch Odesola | August 3, 2025
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