International Breweries posts N50.9B profit in 2025, ending seven-year loss streak under AB InBev
International Breweries, Nigeria's second-largest beer maker, reported N50.9 billion post-tax profit for 2025—its first annual profit since 2017—according to its audited financial statement released Friday. This marks a dramatic turnaround from N113.6 billion net loss the previous year, bringing relief to majority owner AB InBev which had endured seven years of losses.
The Belgian conglomerate acquired control in 2016, merging International Breweries with Intafact Beverages and Pabod Breweries. Losses began in 2018, exacerbated by forex pressures and the $250 million Sagamu Gateway plant. Profitability returned in 2025 driven by revenue jumping to N619 billion and net foreign exchange losses plummeting from N165.7 billion in 2024 to just N13.7 billion.
The company now holds N739.7 billion in assets, owns brands like Budweiser, Trophy, Hero and Castle Lite, and saw its share price rise 9.9% to N13.35 in Lagos—the strongest daily gain this year. However, AB InBev's stake increased to 96% via rights issues, leaving only 4% of shares tradable—below the Nigerian Exchange's 20% free float requirement. The NGX extended the January 2025 deadline to fix this shortcoming.
With forex stabilization and debt reduction efforts paying off, will this profitability be sustainable amid Nigeria's ongoing economic volatility, and what does it signal for competition in the beer market dominated by Nigerian Breweries?