Nigerian Breweries Outshines International Breweries in 2025

In 2025, Nigerian Breweries (NGX: NB) demonstrated superior performance compared to International Breweries (NGX: INTBREW), 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.