Nigerian Breweries Outshines International Breweries in 2025

In 2025, Nigerian Breweries demonstrated superior performance compared to International Breweries, generating N1.4 trillion in revenue, which is double that of International Breweries at N620 billion. Nigerian Breweries made a significant comeback, flipping a N145 billion loss in the previous year to a N99 billion profit, while International Breweries rebounded to a N63 billion profit from a N114 billion loss.

Despite the strong top-line growth of both companies, Nigerian Breweries maintained a dominant position in terms of revenue and asset base, with total assets of N1.1 trillion compared to International Breweries' N741.5 billion. The analysis indicates that while Nigerian Breweries has a superior profit margin and capital efficiency, International Breweries has shown improvement in its profit trend.

Neither company paid dividends in 2023, but Nigerian Breweries last distributed N1.03 per share as a final dividend for the 2022 financial year. The outlook for both companies suggests a compelling risk-reward profile, particularly for Nigerian Breweries as it positions for growth in 2026.