Nigerian Breweries Erases Past Losses with 18% H1 Profit Surge to ₦156.3 Billion

Nigerian Breweries Plc has delivered a strong financial performance in its unaudited first-half 2026 results, highlighted by robust top-line growth and a major balance sheet recovery . Driven by strategic revenue management, sustained brand investments, and strong contributions from its premium and malt portfolios, net revenue rose 8.88% year-on-year to N803.7 billion. Gross profit expanded by 14.1% to N354.9 billion, lifting the gross profit margin by two percentage points to 44.1%, while operating profit climbed 7.95% to N164.0 billion.

Profitability across the board improved noticeably: profit before tax surged 18% to N156.3 billion (up from N132.2 billion in H1 2025), and profit after tax increased 5% to N92.95 billion.

Consequently, basic earnings per share grew to 300 kobo from 285 kobo in the prior-year period. Beyond earnings, the company achieved a significant debt turnaround. By keeping borrowings at zero and eliminating interest-bearing debt, Nigerian Breweries shifted from a net debt position of N74.3 billion in H1 2025 to a solid net cash position of N74.6 billion.

Furthermore, retained earnings returned to positive territory at N13.6 billion, fully recovering from an accumulated deficit of N72.2 billion as of December 2025. Total assets closed at N1.09 trillion, underscoring the company's strengthened liquidity and financial resilience.