…NB’s overall revenue rose 40.8% y/y to N354.51 billion for Q2-25 (H1-25: +53.9% y/y)
WED JULY 30 2025-theGBJournal| Nigerian biggest brewer Nigerian Breweries Plc booked a stellar profit before tax of N62.25 billion in Q2-25, a sharp reversal from the pre-tax loss of N50.76 billion in Q2-24.
Profit after tax equally settled higher at N43.86 billion—reversing the N33.11 billion loss recorded in Q2-24.
NB’s reported earnings per share of N1.38, reflects a sharp rebound from a loss per share of N3.21 in Q2-24.
H1-25 EPS rose to N2.84, compared to a loss per share of N8.21 in H1-24.
NB’s overall revenue rose 40.8% y/y to N354.51 billion for Q2-25 (H1-25: +53.9% y/y),supported by strong pricing and favourable mix improvements across their brand portfolio.
Notably, Q2-25 revenue performance still reflects price actions implemented between H2-24 and Q1-25, compared to prices in Q2-24.
According to management, Heineken recorded solid growth, supported by the rollout of its 45cl returnable bottle. Desperados and Legend Stout also recorded notable growth, with the stout portfolio now accounting for over 40.0% of the market.
Meanwhile, in the non-alcoholic segment, Maltina was the key driver of growth. Nevertheless, revenue declined by 7.6% on a q/q basis, reflecting volume softness and price stability during the quarter.
Gross margin improved significantly, expanding by 984bps y/y to 40.7% in Q2-25 (H2-25: +885bps y/y to 42.1%), supported by topline expansion (+40.8% y/y) and slower cost of sales expansion (+20.8% y/y).
This supported operating leverage, with EBITDA (+13.56ppts y/y) and EBIT (+13.68ppts y/y) margins rising to 23.9% and 18.8%, respectively, despite a 20.0% y/y increase in OPEX.
Further down, net finance cost declined by 93.1% y/y to N4.38 billion in Q2-25 (H1-25: -87.3% y/y), primarily due to a N7.50 billion FX gain (vs. FX loss of N39.43 billion in Q2-24) and a 48.9% y/y drop in finance costs.
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