Nigerian firms post double-digit profit gains in 9M 2026 despite tax headwinds

Major Nigerian companies across beverages, hospitality and financial services have reported substantial increases in pre-tax profit for the first nine months of 2026, signalling improved operational performance across key sectors. Guinness Nigeria led the way with profit before tax jumping 55.3 per cent to N61.65 billion, while International Breweries recorded a 21.86 per cent rise to N90.44 billion.

Smaller players also delivered solid results: Infinity Trust Mortgage Bank grew pre-tax profit by 26.94 per cent to N2.76 billion, and Ikeja Hotel increased its earnings by 15.10 per cent to N8.19 billion. However, the journey from pre-tax to post-tax profit tells a different story for some firms.

While Guinness Nigeria translated its pre-tax gains into a 53.1 per cent surge in profit after tax to N40.69 billion, International Breweries saw its after-tax profit decline by 5.74 per cent to N54.51 billion. The difference stems from a sharp spike in tax expenses: International Breweries paid N35.93 billion in income tax during the period, more than double the N16.39 billion it paid in the same nine months of 2025, a 119.25 per cent increase.

Revenue growth proved more modest across the board. Guinness Nigeria achieved the strongest top-line expansion at 20.4 per cent, reaching N403.33 billion.

International Breweries' revenue grew by just 2.12 per cent to N482.61 billion, while Ikeja Hotel's turnover rose 4.84 per cent to N19.41 billion. Infinity Trust Mortgage Bank was an exception, recording a robust 41.51 per cent revenue increase to N6.49 billion, driven primarily by higher interest income from its mortgage lending operations.

At Ikeja Hotel, the nine-month pre-tax profit of N8.19 billion masked a quarterly slowdown: the firm's third quarter pre-tax profit dropped 14.52 per cent to N2.08 billion compared to N2.44 billion in the same quarter last year. Across all firms tracked, profit after tax increases generally lagged pre-tax gains, with higher operating costs and tax burdens constraining bottom-line expansion.

Infinity Trust's profit after tax rose 24.95 per cent to N2.61 billion, while Ikeja Hotel's grew 14.22 per cent to N5.31 billion.