Nigerian Breweries revenue 2024 rises 35% to N1.467tn as profits rebound, driven by innovation, premiumisation, and cost efficiency

LAGOS, Nigeria, February 16, 2026 – Nigerian Breweries Plc recorded a revenue of N1.467 trillion for the financial year ending December 2024, marking a 35 per cent increase from N1.08 trillion in 2023.

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The audited results filed with the Nigerian Exchange Limited showed the company’s gross profit jumped 77 per cent from N319.92 billion in 2023 to N565.18 billion in 2024, reflecting a strong recovery after a challenging prior year.

Cost of Sales rose to N902.24 billion from N764.52 billion, while Marketing, Distribution and Administration expenses increased by 43 per cent to N364.14 billion.

Uaboi Agbebaku, Company Secretary and Legal Director, attributed the growth to sustained innovation, premiumisation, competitive pricing, and strong commercial execution.

“Group operating profit grew by over 190 per cent, reflecting revenue growth, rigorous cost discipline, productivity gains, and supply chain efficiencies on the back of the 2023 business recovery plan,” Agbebaku said.

He added that net profit rebounded by 168 per cent from the prior year’s net loss, supported by an 83 per cent reduction in net finance costs following the successful 2023 Rights Issue, which deleveraged the balance sheet and reduced foreign currency exposures.

The results also followed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited, completed in 2024 at a one-off integration cost.

The acquisition is expected to expand the company’s portfolio beyond beer and support long-term growth.

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Agbebaku reassured stakeholders that, with shareholder support, innovation, and prudent financial management, Nigerian Breweries remains well-positioned to sustain growth and deliver long-term value.