Nigerian Breweries Posts 26% Profit Growth Despite Headwinds from Middle East Crisis

Nigerian Breweries Plc has reported a profit growth of 25.6 percent in the first quarter of this year, navigating a “fragile and volatile” operating environment worsened by the ongoing Middle East crisis. 

In its unaudited and provisional results released on Thursday, the brewing giant said its net profit rose to ₦55.9 billion from ₦44.6 billion in the same period last year. 

The company’s revenue grew by about 8% to ₦413 billion, which was attributed to “strong revenue management” and the performance of its premium brands led by Heineken lager. 

A major contributor to the bottom-line success was a 54.5% reduction in net finance expenses, which dropped from ₦15.3 billion in 2025 to ₦6.9 billion in 2026. This was aided by a stronger cash position that allowed the company to settle outstanding borrowings, further stabilising its balance sheet, according to an earnings release.

Despite the positive numbers, the company’s leadership expressed caution regarding the external environment. The board noted that the recovery journey initiated in 2025 has been made more difficult by the Middle East crisis, which has exacerbated volatility in the local and international markets.

“In view of the Middle East crisis, the company has intensified focus on risk management by reviewing downside scenarios and implementing mitigations across key exposures to protect performance and preserve financial flexibility,” it said.