Nigerian Breweries revenue hits ₦1.10tn as Champion Breweries jumps 140%

Two of Nigeria's listed brewers have reported higher revenue for the first nine months of 2026, even as consumers continue to watch their spending.

Nigerian Breweries Plc said revenue rose five per cent to ₦1.10tn between January and September, up from ₦1.05tn in the same period last year. Profit after tax climbed 33 per cent to ₦114.1bn, and gross profit grew 15 per cent to ₦477.9bn, according to the company's financial report.

The maker of Heineken and Desperados said it gained market share, helped by strong sales in its premium brands. Profit from operating activities rose 10 per cent to ₦179.2bn, while profit before tax also rose 33 per cent to ₦171.7bn. The company credited a 78 per cent reduction in net finance expenses for much of that gain.

Perhaps the biggest shift: the brewer made a profit of ₦21bn in the third quarter alone, against a ₦4bn loss in the same quarter of 2025. It was the company's first third-quarter profit since 2022.

Managing Director and Chief Executive Officer Thibaut Boidin said the result showed discipline despite pressure on household budgets. "Despite continued pressure on consumer spending, we grew revenue, strengthened our market position and delivered a significant improvement in profitability," he said.

He added that sales volumes and net revenue fell in the quarter, but better margins and lower finance costs kept the bottom line positive.

Champion Breweries rides on enJOYbev

Champion Breweries Plc also reported growth, with group revenue up 140 per cent to ₦51.4bn from ₦21.4bn a year earlier. The jump came mainly from bringing enJOYbev B.V. into its accounts, the company said.

Its standalone brewery business sold less beer, in line with the wider industry, but pricing and product mix helped protect profit. Operating profit rose 48 per cent to ₦6.3bn, while profit after tax edged up to ₦2.18bn from ₦2.05bn.

That profit figure includes a tax credit of about ₦1.3bn, partly offset by higher finance costs linked to the acquisition and current interest rates.

Managing Director Sampath Malolan said the enJOYbev deal had widened the company's reach beyond beer. "The successful integration of enJOYbev B.V. has broadened our growth platform and moves us closer to our ambition of building a diversified beverage group with multiple growth engines," he said.

Champion expects brand relaunches, a new canning line and the festive season to lift sales in the last quarter of the year.

What happens next

Both companies say they will keep a tight grip on costs and invest behind their brands for the rest of 2026. For drinkers, the test will be whether these gains reach shelves as stable prices through the Christmas season, when demand for drinks usually rises.