Nigerian Breweries Plc has bounced back to profitability, reporting a 186% rise in net profit for the first quarter of 2025, compared to the same period in 2024.
According to the company’s unaudited financial results released on the Nigerian Exchange Limited on Thursday, revenue for the period ending March 31, 2025, climbed to N383.6 billion — a 68.9% increase from the N227.1 billion recorded in Q1 2024.
The brewer also posted a 238% rise in operating profit, which jumped to N85.3 billion from N25.3 billion in the corresponding period of 2024.
A significant factor driving the rebound was a sharp 83% drop in net finance expenses, which fell to N15.3 billion from N90.8 billion a year earlier. This helped propel the company’s net profit to N44.6 billion, a strong turnaround from the N52.1 billion loss recorded in the same period last year.
Basic earnings per share for Q1 2025 stood at 143 kobo, recovering from a negative EPS of 627 kobo in Q1 2024.
In terms of assets, Nigerian Breweries reported a marginal rise in total assets to N1.14 trillion, up from N1.13 trillion as of December 31, 2024. Its investment in property, plant, and equipment also increased slightly to N540.44 billion from N535.27 billion, underscoring its commitment to expanding production capacity.
Meanwhile, intangible assets and goodwill were valued at N99.35 billion, slightly down from N99.84 billion, while investments rose to N150 million, reflecting a deliberate strategy to diversify its financial portfolio.
Though cash and cash equivalents declined to N93.08 billion from N150.59 billion, inventory levels rose slightly to N184.27 billion from N181.26 billion — suggesting stable management of raw materials and finished goods.
Equity attributable to shareholders increased to N506.70 billion from N463.03 billion at the end of 2024, supported by stronger retained earnings, which rose to N126.33 billion from N169.80 billion.
Total liabilities also decreased to N637.65 billion, down from N674.33 billion, driven by a reduction in loans and borrowings, which dropped by N5 billion to N235.25 billion.
The company’s board expressed appreciation to shareholders for their support, particularly during the 2024 Rights Issue, which saw a 92% subscription rate. The board noted that this backing has played a vital role in repositioning the company for long-term growth.
In its recently released audited financial statements for 2024, Nigerian Breweries reported a record-breaking revenue of N1.1 trillion, reinforcing its path to recovery and future expansion.
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