Nigerian Breweries, International Breweries rebound to profitability in 2025
Nigerian Breweries and International Breweries returned to profitability in 2025 after heavy losses in 2023-2024, with Nigerian Breweries delivering stronger absolute profits (N99 billion vs N63 billion) and International Breweries showing better margins and efficiency. Nigerian Breweries dominates revenue (N1.4 trillion vs N620 billion) and scale, while International Breweries demonstrates superior bottom-line efficiency and conservative balance sheet management. Nigerian Breweries offers stronger valuation support and clearer dividend path (N1.03 per share last paid in 2023) due to reduced retained losses (N72 billion vs N179 billion). Both companies benefited from improved forex conditions reducing FX losses. Nigerian Breweries currently offers better risk-reward for investors with stronger fundamentals and cheaper multiples.