After two straight years of heavy losses caused by currency devaluation and inflation-driven costs, Nigeria’s two brewing giants — Nigerian Breweries (NB) and International Breweries (INTBREW) — have both made remarkable recoveries in 2025. Their turnaround has reignited investor confidence and reshaped market sentiment toward the consumer goods sector.
Both brewers have shifted from red ink to strong profitability, sparking major rallies in their share prices. Nigerian Breweries’ stock has surged by 122%, climbing from ₦32 to ₦71, while International Breweries has outperformed with a 161% gain, rising from ₦5.55 to ₦14.50 year-to-date.
This resurgence is largely driven by a combination of improved earnings, cost optimization, and easing foreign exchange pressures, leading to renewed investor optimism in Nigeria’s beverage industry.
Revenue and Market Leadership
Nigerian Breweries continues to dominate the market, with ₦1.041 trillion in revenue recorded within the first nine months of 2025 — a massive 48.24% year-on-year increase. This almost matches its entire 2024 full-year figure of ₦1.084 trillion. The growth rate nearly doubles its five-year average of 26%, showing strong post-recovery momentum.
Meanwhile, International Breweries has also recorded an impressive rebound. The company reported ₦472.57 billion in revenue, up 37.6% year-on-year and close to its 2024 full-year performance of ₦488.96 billion. Its growth exceeds its five-year average of 29%, proving its resilience in a recovering consumer market.
Both brewers benefited from product price adjustments and a gradual rebound in consumer spending, though Nigerian Breweries still leads in scale and market reach.
Verdict: Both brewers are on track to surpass their 2024 performance, but Nigerian Breweries maintains a clear lead in market dominance.
Profitability and Margins
Both companies have staged strong comebacks on the profit front.
Nigerian Breweries posted a ₦126.82 billion pre-tax profit, recovering from a ₦203.12 billion loss in 2024. After tax, NB recorded ₦83.90 billion in profit.
International Breweries also delivered a turnaround with ₦74.21 billion pre-tax profit, rebounding from a ₦154.55 billion loss. Its ₦57.83 billion post-tax profit underscores its efficient cost management.
While NB generated higher total profits, INTBREW’s net profit margin of 12.2% outperforms NB’s 8.1%, highlighting better cost efficiency.
Verdict: Nigerian Breweries leads in total profit and stability, while International Breweries stands out for higher profit margins and operational efficiency.
Balance Sheet and Financial Position
Both companies experienced small declines in total assets, reflecting post-recovery adjustments.
Nigerian Breweries’ total assets slipped by 2.43% to ₦1.11 trillion, while shareholders’ funds rose by 18% to ₦547 billion. This reduced its leverage ratio and marked a 49.6% improvement in retained earnings, now at a negative ₦85.57 billion.
International Breweries’ total assets fell slightly by 2% to ₦713 billion, while shareholders’ funds increased by 13% to ₦507 billion. It also improved its retained earnings deficit by 24%, now at a negative ₦184 billion.
Verdict: Nigerian Breweries’ stronger profit capacity could help it fully clear its retained losses by 2026, ahead of International Breweries, which may need an extra year or two.
Investment Outlook
Both brewers have turned the page on their loss-making years. International Breweries offers faster earnings momentum and superior profit margins, suggesting efficient operations and renewed investor appeal. Its stock still trades 17% below its 52-week high, presenting short-term upside potential.
However, its large negative retained earnings could limit near-term dividend payouts.
Nigerian Breweries, in contrast, provides larger profit volumes, greater financial stability, and stronger dividend prospects. While its stock is 6% down in the past month, it trades only 8% below its 52-week high, reflecting strong investor confidence.
Final Verdict:
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For short-term investors: International Breweries offers higher growth potential.
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For long-term, value-focused investors: Nigerian Breweries remains the safer choice, backed by market leadership, consistent profitability, and likely dividend recovery.
