Nigerian Breweries Plc has returned to profitability, recording a profit after tax of N45bn in the first quarter of 2025, following a period of sustained losses.
According to its unaudited and provisional financial results for the period ended March 31, 2025, filed with the Nigerian Exchange Limited, the company posted a net revenue of N383bn, representing a 69 per cent increase compared to N227bn recorded in the corresponding period of 2024.
Despite a rise in the cost of sales and other operating expenses driven by high inflation, Nigerian Breweries’ operating profit rose sharply by 238 per cent from N25bn in 2024 to N85bn in the current quarter. The strong performance was attributed to the company’s continued focus on cost discipline and productivity enhancement measures.
The company noted that the profit after tax of N45bn marked a significant turnaround when compared to a loss after tax of N52bn recorded in the same period in 2024.
Speaking on the results, the Managing Director and Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, said the improved performance reflected volume and value growth, as well as the success of business recovery and process optimisation initiatives carried out in 2024.
Essaadi highlighted that strategic initiatives such as portfolio optimisation, rightsizing of operations, and disciplined working capital management were instrumental in delivering strong financial results.
“We are firmly on track in executing our turnaround plan to restore long-term profitability and build a solid foundation for sustainable growth,” he said.
In a separate statement signed by the company’s secretary and legal director, Uaboi Agbebaku, Nigerian Breweries expressed gratitude to its shareholders for their continued support, particularly during the Rights Issue exercise, which was 92 per cent subscribed. The company said the shareholders’ commitment was instrumental in repositioning the company for long-term success.
Agbebaku reaffirmed the company’s commitment to agility, innovation, and financial discipline, stating that Nigerian Breweries remained well-positioned to navigate ongoing macroeconomic challenges.
“As a company, we would continue to focus on agility, innovation, and financial discipline in the running of our operations. We remain well-positioned to drive continued growth and deliver value to all stakeholders,” Agbebaku said.
The company’s latest result also confirmed a second consecutive quarter of profitability, following a net profit recorded in the last quarter of 2024, cementing Nigerian Breweries’ recovery after several quarters of losses.
At its recently held annual general meeting, shareholders commended the board and management for the decisive actions that have led to the positive turnaround in the company’s financial fortunes.
The PUNCH reported that Nigerian Breweries Plc has released its audited Group Financial Statements for the 2024 financial year, reporting an unprecedented revenue of N1.1 trillion.
