H1 2026: Nigerian Breweries Plc Records N804bn in Revenue; Restores Retained Earnings To Positive Position

Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced a strong performance for the first half of the 2026 financial year, recording a Group Revenue of N804 billion, representing a 9% increase over the N738 billion reported in the corresponding period of 2025.

The company also achieved another significant milestone during the period, restoring its retained earnings to a positive position, further strengthening its financial health and reinforcing the success of ongoing business recovery and value creation initiatives.

A breakdown of the unaudited result for the period ended June 30 2026 revealed that the company’s Operating Profit grew by 8% from N152 billion in 2025 to N164 billion, notwithstanding the increase in Selling, Distribution and Administration Expenses by 20%.

A further improvement in the Company’s Net Finance Expenses contributed to an 18% growth in the Profit Before Tax. The implementation of the new tax rates moderated the growth in Profit After Tax to 5%, from N161 billion in the first half of 2025 to N193 billion in the current period.

In a statement signed by the Company Secretary/Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, the company continued to demonstrate resilience despite a challenging operating environment marked by macroeconomic volatility.

Agbebaku explained that the increase in the group revenue reflects the benefit of revenue management actions and strategic management initiatives, emphasising sustained investment in strategic brands, focused execution across the value chain, and continued contribution from the premium brands and the malt category.

“Gross profit margin expanded by 2 percentage points with results from operating activities increasing by 8%. Profit before tax went up by 18% supported by a 61% reduction in net finance expense. The impact of the new tax rates limited the group net profit growth to 5%“, he added.

He noted that the company has strengthened its financial position by improving liquidity and reducing financing pressure by maintaining zero borrowing.

He stated that “This strengthened cash position provides greater flexibility to respond to evolving market conditions while supporting ongoing business priorities. The Company has also now restored its retained earnings to a positive position,” he said.