Nigerian Breweries Plc(NB) has reported a solid financial performance for the first half of the 2026 financial year, posting a group revenue of N804 billion, representing a 9 per cent increase over the N738 billion recorded during the same period in 2025.The brewer also announced that it has restored its retained earnings to a positive position, a development that underscores its improving financial strength and reflects the progress of its business recovery and long-term value creation strategy.
According to the company’s unaudited financial results for the six months ended June 30, 2026, operating profit rose to N164 billion, up from N152 billion achieved in the corresponding period last year. The growth was recorded despite a 20 per cent increase in selling, distribution and administrative expenses.
The company also benefited from a significant reduction in finance costs, which helped drive an 18 per cent increase in profit before tax. However, the implementation of new tax rates moderated overall earnings growth, with profit after tax rising by 5 per cent, from N161 billion in the first half of 2025 to N193 billion in the current reporting period.
Commenting on the results, the Company Secretary and Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, said the performance highlights the company’s resilience despite continued macroeconomic pressures and a challenging business environment.
He attributed the revenue growth to effective revenue management strategies and disciplined execution of key business initiatives. According to him, sustained investment in strategic brands, improved execution across the value chain, and the strong performance of the company’s premium portfolio and malt products contributed significantly to the positive outcome.
Agbebaku noted that the company’s gross profit margin improved by two percentage points, while operating results advanced by 8 per cent. He added that the 61 per cent reduction in net finance expenses played a major role in boosting profit before tax, although changes in the tax regime moderated the growth in net profit.
He further disclosed that Nigerian Breweries has continued to strengthen its balance sheet by maintaining a zero-borrowing position, improving liquidity and reducing financing costs.
According to him, the company’s stronger cash position provides greater flexibility to navigate changing market conditions while supporting strategic business priorities.
“The company has enhanced its financial resilience through improved liquidity and reduced financing pressure by maintaining zero borrowing. This stronger cash position positions us to respond more effectively to evolving market dynamics while sustaining our business objectives. We have also successfully restored our retained earnings to a positive position,” Agbebaku stated.