UNAUDITED AND PROVISIONAL RESULTS FOR THE FIRST QUARTER (THREE MONTHS) ENDED 31ST MARCH 2026
The Board of Directors ("the Board") of Nigerian Breweries Plc ("the Company") hereby announces the following Unaudited and Provisional Results for the First Quarter (three months) ended 31st March 2026*:
Income Statement | Group* | Company | Group* | Company | Group | Company |
31/03/2026 | 31/03/2026 | 31/03/2025 | 31/03/2025 | Change | Change | |
₦'million | ₦'million | ₦'million | ₦'million | % | % | |
Revenue | 413,016 | 413,016 | 383,635 | 382,981 | 7.7 | 7.8 |
Cost of Sales | (233,164) | (233,164) | (217,068) | (216,052) | (7.4) | (7.9) |
Gross Profit | 179,851 | 179,851 | 166,567 | 166,929 | 8.0 | 7.7 |
Selling, Distribution & Admin. Expenses | (93,413) | ' (93,413) | (82,056) | (81,775) | (13.8) | (14.2) |
Other Income | 923 | 923 | 754 | 754 | 22.4 | 22.4 |
Results from Operating Activities | 87,362 | 87,362 | 85,265 | 85,908 | 2.5 | 1.7 |
Net Finance Expense | (6,951) | (6,951) | (15,275) | (15,226) | 54.5 | 54.4 |
Profit Before Tax | 80,411 | 80,411 | 69,990 | 70,682 | 14.9 | 13.8 |
Income Tax | (24,466) | (24,466) | (25,437) | (25,437) | 3.8 | 3.8 |
Profit after tax from continuing operations | 55,945 | 55,945 | 44,553 | 45,245 | 25.6 | 23.7 |
Profit for the year | 55,945 | 55,945 | 44,553 | 45,245 | 25.6 | 23.7 |
Profit for the period attributable to: | ||||||
Equity Owners | 55,945 | 55,945 | 44,553 | 45,245 | 25.6 | 23.7 |
Non-Controlling Interest | - | - | - | - | - | - |
Profit for the Period | 55,945 | 55,945 | 44,553 | 45,245 | 25.6 | 23.7 |
Basic Earnings Per Share (kobo) | 180 | 180 | 143 | 146 | 25.9 | 23.3 |
Fully Diluted Earnings P/Share (kobo) | 180 | 180 | 143 | 146 | 25.9 | 23.3 |
The detailed Financial Statements for the period are available on the company's website, www.nbplc/investor-relations.
*Group results include the figures of Distell Wines and Spirits Nigeria Limited (in liquidation).
DIRECTORS: Mrs. J. Anammah - Chair; H. Essaadi (Dutch) - Managing Director/Chief Executive; Mrs. A.O. Aroyewun;
S. Hiemstra (Dutch); Mrs. S.O Ojekwe-Onyejeli; Mrs. I.M. Omoigui Okauru, MFR; J.A.A. Overmars (Dutch);
R. Pirmez (Belgian); I.A. Puri; B.A. Wessels Boer (Dutch).
The Company delivered a strong performance in the quarter, sustaining the 2025 recovery journey. This was despite the fragile and volatile operating environment which was exacerbated by the crisis in the Middle East.
Group revenue grew by 8%, supported by strong revenue management, the performance of the premium brands led by Heineken lager and execution of growth initiatives. Profitability was strengthened on the back of a disciplined cost management with gross profit growing by 8%. This, together with a reduction in the net finance expenses led to the 26% growth in the net profit.
The balance sheet remained strong, with continuing improvement in liquidity. Stronger cash position supported the recent settlement of outstanding borrowings, thereby strengthening the Company's financial position.
The Board and Management remain focused on execution excellence, revenue optimisation, cost control, and efficient cash management to sustain the momentum and deliver long-term stakeholder value. In view of the Middle East crisis, the Company has also intensified focus on risk management by reviewing downside scenarios and implementing mitigations across key exposures to protect performance and preserve financial flexibility.
Dated the 23rd day of April 2026
By Order of the BoardUaboi G. AGBEBAKU, Esq. Company Secretary FRC/2013/NBA/00000001003
Iganmu House, Abebe Village Road Iganmu, Lagos, Nigeria