Despite persistent complaints about rising living costs and declining purchasing power, Nigerians spent an estimated ₦1.54 trillion on beer and other beverages within nine months, according to financial records of major brewing companies.
An analysis of unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ended September 30, 2025, shows strong consumer spending on alcoholic beverages, with all three companies posting significant revenue growth.
Nigerian Breweries Leads With ₦1.05 Trillion Revenue
Nigerian Breweries Plc, the country’s largest brewer, recorded ₦1.05 trillion in net revenue, up from ₦710.87 billion in the corresponding period of 2024.
After accounting for production, distribution, administrative, and finance costs, the company returned to profitability, posting a profit after tax of ₦85.51 billion, compared to a ₦149.50 billion loss a year earlier. Earnings per share also rebounded sharply.
The brewer had earlier hinted at a turnaround when it announced a 186% increase in net profit in the first quarter of 2025, with quarterly revenue rising nearly 69% to ₦383.6 billion, driven by improved pricing and sales volumes.
International Breweries Returns to Profit
International Breweries Plc also posted a strong recovery, recording ₦472.57 billion in revenue, up from ₦343.45 billion in the same period of 2024.
The company closed the nine-month period with a ₦57.83 billion profit, reversing a ₦112.81 billion loss recorded the previous year. The improvement was attributed to higher sales volumes and better margins, which helped offset rising operating costs.
Earlier in the year, the brewer had reported a return to profitability in the second quarter, posting ₦11.9 billion in earnings after tax, supported by quarterly revenue of ₦167.4 billion.
Champion Breweries Also Records Growth
Champion Breweries Plc, though smaller in scale, also recorded notable gains. Revenue increased to ₦21.44 billion from ₦14.02 billion, while profit after tax surged to ₦2.05 billion, compared with ₦21.5 million in the previous year.
₦1.54 Trillion in Nine Months
Collectively, the three brewers generated ₦1.54 trillion in revenue within nine months, with Nigerian Breweries accounting for the largest share.
The figures underscore the scale of consumer spending on beer and beverages, even as many Nigerians continue to grapple with inflation, high food prices, and broader economic hardship—raising questions about consumption priorities amid ongoing economic pressures.
