Nigerian Breweries’ H1 profitability strengthens as revenue hits N804bn

Nigerian Breweries Plc has reported a strong financial performance for the first half of 2026, recording N804 billion in net revenue and N164 billion in operating profit as the company marks its 80th anniversary.

The brewing giant also posted a positive cash position of N73 billion during the six-month period, underscoring its improved financial resilience despite challenging operating conditions in the Nigerian market.

According to the company’s half-year results, revenue grew by 8.9 per cent, while volume recorded marginal growth of 0.3 per cent, outperforming a declining market and category and reflecting stronger performance compared with competitors.

Operating profit increased by 8 per cent, driven by improved gross profit margins, disciplined cost management and greater operational efficiency.

The company also recorded an 18 per cent increase in profit after tax, while net profit rose by 5 per cent following the implementation of Nigeria’s new tax law.

Nigerian Breweries said retained earnings returned to positive territory during the period, further strengthening its balance sheet and providing a stronger platform for future expansion.

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Commenting on the results, the Managing Director of Nigerian Breweries Plc, Thibaut Boidin, attributed the performance to the resilience of the business and measures implemented to withstand the difficult operating environment.

Boidin said the company maintained its focus on disciplined execution, cost optimisation and partnerships across its value chain while continuing to serve consumers and create sustainable value.

He noted that the ability to anticipate potential scenarios and respond early had become increasingly important amid prevailing economic uncertainties.

According to him, the company’s approach helped it manage the impact of external shocks, including the Middle East crisis, while maintaining business continuity and protecting its overall performance.

“Our first-half performance reflects the resilience of our business and the strength of the measures we have put in place to navigate a challenging environment,” Boidin said.

He added that strong supplier partnerships and continued emphasis on cost efficiency also contributed significantly to the company’s performance during the period.

As it celebrates eight decades of operations in Nigeria, Nigerian Breweries said it would continue to focus on sustaining its growth momentum, strengthening operational resilience and delivering long-term value to its stakeholders.

Nigerian Breweries Plc, a member of the HEINEKEN Group, was incorporated in 1946 as Nigerian Brewery Limited. The company produced its first bottle of STAR lager beer in June 1949 at its Lagos brewery.

The company currently has a portfolio of 19 brands, including Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend. Its products are manufactured across nine breweries and distributed nationwide.

Over the years, Nigerian Breweries has received recognition for product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility and sustainability.