Nigerian Breweries Plc has recorded a major turnaround in its business, posting a net profit of N44.6 billion in the first quarter of 2025. This marks a big comeback for the company which had reported a loss of N52.1 billion in the same period last year.
The brewing giant, which is part of the Heineken Group, made this known through its unaudited financial statement released on the Nigerian Exchange Limited (NGX) on Thursday, April 17, 2025. According to the report, Nigerian Breweries’ revenue jumped by 68.9 per cent to N383.6 billion in Q1 2025, compared to N227.1 billion in Q1 2024.
The company’s operating profit also went up by 238 per cent, rising from N25.3 billion in Q1 2024 to N85.3 billion in Q1 2025. This strong performance was driven by a big cut in finance expenses, which dropped by 83 per cent. In Q1 2024, Nigerian Breweries had spent N90.8 billion on finance costs, but in Q1 2025, the figure came down sharply to N15.3 billion. This major drop played a big role in pushing the company back into profit.
Earnings per share also improved greatly. Shareholders earned 143 kobo per share in Q1 2025, compared to a negative 627 kobo per share in Q1 2024, showing that the company is back on solid ground.
Nigerian Breweries’ total assets rose slightly to N1.14 trillion as at March 31, 2025, up from N1.13 trillion recorded on December 31, 2024. This growth was supported by continued investments in property, plant and equipment which went up to N540.44 billion, compared to N535.27 billion in the previous quarter. This shows that the company is still expanding and improving its production capacity.
In the same period, the company’s intangible assets and goodwill were valued at N99.35 billion, a small drop from N99.84 billion in Q4 2024. Investments went up to N150 million, a sign that Nigerian Breweries is trying to strengthen its financial base.
Even though cash and cash equivalents dropped to N93.08 billion from N150.59 billion, the company still showed strong liquidity. Inventory rose slightly to N184.27 billion from N181.26 billion, showing efficient stock management of both raw materials and finished products.
Equity belonging to shareholders went up from N463.03 billion in December 2024 to N506.70 billion by the end of Q1 2025. Retained earnings, however, dropped from N169.80 billion to N126.33 billion. This means that although profits are back, the company is still balancing between reinvesting and recovering from past losses.
On the liabilities side, Nigerian Breweries cut down its total liabilities to N637.65 billion, compared to N674.33 billion in the previous quarter. Loans and borrowings were reduced by N5 billion, from N240.17 billion to N235.25 billion, easing the company’s debt burden.
The company’s Board of Directors, led by the Chairman, Asue Ighodalo, thanked shareholders for their support, especially during the 2024 Rights Issue, which was 92 per cent subscribed. The board said the backing of shareholders helped the company navigate through tough times and reposition for future growth.
Earlier, Nigerian Breweries had released its audited financial results for the full year 2024, showing a record revenue of N1.1 trillion despite the loss it recorded during the year.
The company, which produces popular drinks like Star, Gulder, Heineken, and Maltina, is one of Nigeria’s oldest and largest brewers. Its return to profitability in Q1 2025 signals renewed hope for investors and the consumer goods sector in general.
