Nigerian Breweries Plc has staged a remarkable comeback, reporting a profit after tax of ₦45 billion in the first quarter of 2025, reversing the heavy losses recorded in the previous year.
The brewer’s unaudited results for the period ended March 31, 2025, filed with the Nigerian Exchange Limited, showed revenue surged by 69% year-on-year to ₦383 billion, up from ₦227 billion in Q1 2024.
Despite rising production costs and inflationary pressures, operating profit climbed 238% to ₦85 billion, compared to ₦25 billion in the same period last year. Management attributed the strong performance to strict cost control, productivity gains, and the company’s ongoing recovery plan.
The turnaround marks a sharp contrast to Q1 2024, when the brewer posted a ₦52 billion loss after tax.
Strategic Measures Driving Growth
Chief Executive Officer Hans Essaadi credited the improvement to deliberate strategies implemented throughout 2024. These included portfolio optimisation, streamlining operations, and disciplined working capital management, all of which strengthened both volume and value growth.
“We are firmly on track with our turnaround plan to restore long-term profitability and establish a resilient platform for sustainable growth,” Essaadi stated.
Company Secretary and Legal Director, Uaboi Agbebaku, also highlighted the role of shareholders in the revival. He noted that the Rights Issue, which achieved a 92% subscription rate, provided critical support in repositioning Nigerian Breweries for success.
“As a business, our focus remains on agility, innovation, and financial discipline. These pillars will enable us to navigate ongoing macroeconomic challenges and sustain growth,” Agbebaku added.
Shareholder Confidence Reinforced
The company’s Q1 2025 results mark its second consecutive profitable quarter, following positive earnings in Q4 2024. This cements a recovery after several loss-making periods.
At the recent annual general meeting, shareholders applauded the board and management for the bold steps that restored financial stability.
Nigerian Breweries had earlier announced record-breaking group revenue of ₦1.1 trillion for the 2024 financial year—further underscoring its resilience in a challenging business environment.
