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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Nigerian Breweries

NB · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Nigerian Breweries Plc
Listing
NB on the Nigerian Exchange, active · ISIN NGNB00000005 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Other Matter relating to comparative information: 'The consolidated and separate financial statements of the Group and Company as at and for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on 14 February 2025' (p34, page image).
Full wording and sources

  • Auditor's emphasis of matter

    Other Matter relating to comparative information: 'The consolidated and separate financial statements of the Group and Company as at and for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on 14 February 2025' (p34, page image).

    Source: Nigerian Breweries Plc 2025 Annual Report and Accounts (dated 2026-02-13)

  • Revenue

    NGN 1.47 trillion

    1,467,422,027 NGN thousands · p38

    +35.3% vs 2024

  • Operating profit / (loss)

    NGN 205 billion

    205,199,370 NGN thousands · p38

    +193.6% vs 2024

  • Profit / (loss) for the year

    NGN 99.1 billion

    99,100,309 NGN thousands · p38

    Moved from loss to profit (FY2024: (144,996,248) NGN thousands)

  • Total assets

    NGN 1.07 trillion

    1,066,117,729 NGN thousands · p40

    −6.3% vs 2024

  • Total equity

    NGN 560 billion

    560,221,809 NGN thousands · p40

    +20.8% vs 2024

  • Cash from operations

    NGN 228 billion

    228,176,868 NGN thousands · p43

    +338.5% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 1,467,422,027 1,084,435,998
Cost of sales (902,239,545) (764,520,390)
Gross profit 565,182,482 319,915,608
Other income 4,159,005 4,028,939
Selling and distribution expenses (278,927,665) (203,238,705)
Administrative expenses (82,854,764) (46,755,269)
Expected credit loss on financial assets (2,359,688) (4,053,590)
Profit from operating activities 205,199,370 69,896,983
Finance income 1,778,151 4,242,160
Finance costs (45,915,106) (257,056,601)
Net finance costs1 (44,136,955) (252,814,441)
Profit/(Loss) before tax 161,062,415 (182,917,458)
Income tax (61,962,106) 38,033,964
Profit/(Loss) after tax from continuing operations2 99,100,309 (144,883,494)
Loss for the year from discontinued operations3 –4 (112,754)
Profit/(Loss) for the year 99,100,309 (144,996,248)
Non-controlling interest5 –6 (109,009)
Other comprehensive income/(loss), net of tax (1,803,812) 1,355,148
Total comprehensive (loss)/income for the year 97,296,497 (143,641,100)
Owners of the Company7 97,296,497 (143,532,091)
Non-controlling interest8 –6 (109,009)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
  2. Printed “-”; reading unresolved, so no amount is shown. Printed dash; no printed subtotal confirms a nil reading.
Notes and alternative reported figures (6)
  1. “Net finance costs” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of finance income and finance costs.
  2. “Profit/(Loss) after tax from continuing operations” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before discontinued operations.
  3. “Loss for the year from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 18(c).
  4. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Profit/(loss) for the year attributable to non-controlling interest.
  5. “Owners of the Company” is an issuer-specific line, not mapped to a shared definition: Statement of OCI, p39.
  6. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Statement of OCI, p39.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 585,312,093 535,270,542
Right-of-use assets 8,386,622 8,995,840
Intangible assets and goodwill 98,340,163 99,843,788
Investments1 150,000 150,000
Deferred tax assets 33,310,024 66,676,061
Other receivables2 2,847,461 2,635,656
Non-current assets 728,346,363 713,571,887
Inventories 193,788,591 181,259,479
Trade and other receivables 69,404,143 52,719,715
Prepayments3 4,448,718 4,150,181
Deposit for imports4 8,474,600 35,022,710
Cash and cash equivalents 61,139,810 150,587,526
Assets held for sale5 515,504 964,150
Current assets 337,771,366 424,703,761
Total assets 1,066,117,729 1,138,275,648
Share capital 15,491,513 15,491,513
Share premium 615,903,127 615,903,127
Share based payment reserve6 992,669 1,436,397
Accumulated deficit (72,165,500) (169,799,542)
Equity attributable to owners of the Company 560,221,809 463,031,495
Non-controlling interest –7 912,238
Total equity 560,221,809 463,943,733
Loans and borrowings –8 40,000,000
Employee benefits 14,245,295 9,745,943
Non-current liabilities 14,245,295 49,745,943
Loans and borrowings 59,711,193 169,050,310
Lease liabilities –9 2,812
Current tax liabilities 32,236,050 10,402,030
Dividend payable 2,785,323 7,174,392
Trade and other payables 390,078,303 435,568,129
Provisions 6,839,756 1,922,651
Liabilities directly associated with assets classified as held for sale10 –9 465,648
Current liabilities 491,650,625 624,585,972
Total liabilities 505,895,920 674,331,915
Total equity and liabilities 1,066,117,729 1,138,275,648
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (7)
  1. “Investments” is an issuer-specific line, not mapped to a shared definition: Non-current asset line (note 17).
  2. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Note 19.
  3. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Current asset line (note 20).
  4. “Deposit for imports” is an issuer-specific line, not mapped to a shared definition: Current asset line (note 23).
  5. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Current asset line (note 18(d)).
  6. “Share based payment reserve” is an issuer-specific line, not mapped to a shared definition: Equity line.
  7. “Liabilities directly associated with assets classified as held for sale” is an issuer-specific line, not mapped to a shared definition: Note 18(d).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash generated from operating activities 237,597,750 58,666,663
Income tax paid (5,873,605) (3,033,062)
Gratuity paid1 (1,186,792) (1,049,661)
Other long term employee benefits paid2 (1,320,008) (1,278,810)
Share Based Payment3 (1,040,477) (1,263,642)
Net cash generated from operating activities 228,176,868 52,041,488
Finance income 1,778,151 4,242,160
Proceeds from sale of property, plant and equipment 1,374,490 1,307,165
Acquisition of property, plant and equipment (123,445,648) (137,571,739)
Acquisition of subsidiaries, net of cash4 (1,995,135) (3,766,747)
Assets held for sale5 (17,002) (163,928)
Prepaid right-of-use asset6 (546,433) (1,687,125)
Acquisition of intangible assets (459,233) (2,941,210)
Net cash used in investing activities (123,310,810) (140,581,424)
Proceeds from loans and borrowings 168,500,000 371,280,282
Repayment of loans and borrowings (317,856,043) (598,272,078)
Interest paid (43,783,719) (93,521,932)
Proceeds on issue of shares7 –8 543,312,639
Repayment of lease liabilities (2,576) (39,803)
Cash received from Registrars9 –8 866,587
Dividends paid (2,968,627) (8,314,169)
Net cash (used in)/from financing activities (196,110,965) 215,311,526
Net (decrease)/increase in cash and cash equivalents (91,244,907) 126,771,590
Effect of foreign exchange rate changes on cash and cash equivalents 1,797,191 (15,750,437)
Cash and cash equivalents at 1st January 150,587,526 39,566,373
Cash and cash equivalents at 31st December 61,139,810 150,587,52610
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  2. Printed “150,587,”; read as 150,587,526. p43: Text-layer artefact: the text layer splits the Group 2024 cell as '150,587, 526'; the page image (PDF p43) prints 150,587,526, equal to the 2025 opening cash and the 2024 balance sheet. Read as the same digits joined.
Notes and alternative reported figures (8)
  1. “Gratuity paid” is an issuer-specific line, not mapped to a shared definition: Operating cash outflow (note 28(a)).
  2. “Other long term employee benefits paid” is an issuer-specific line, not mapped to a shared definition: Operating cash outflow (note 28(b)).
  3. “Share Based Payment” is an issuer-specific line, not mapped to a shared definition: Operating cash outflow (note 29).
  4. “Acquisition of subsidiaries, net of cash” is an issuer-specific line, not mapped to a shared definition: Investing cash outflow (note 18).
  5. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Investing cash flow line as labelled (note 18(c)).
  6. “Prepaid right-of-use asset” is an issuer-specific line, not mapped to a shared definition: Investing cash outflow (note 15(b)).
  7. “Proceeds on issue of shares” is an issuer-specific line, not mapped to a shared definition: Financing cash inflow.
  8. “Cash received from Registrars” is an issuer-specific line, not mapped to a shared definition: Financing cash inflow (note 26(b)).

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 3.191 (12.07)2
Profit / (loss) attributable to shareholders (NGN thousands)4 99,100,309 (144,887,239)
  1. Printed as 319 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as (1,207) kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic earnings/(loss) per share (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “attributable to: Owners of the Company”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (2,968,627) NGN thousands Annual report, p43
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (8,314,169) NGN thousands Annual report, p43

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Nigerian Breweries Plc 2025 Annual Report and Accounts

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: KPMG Professional Services, Lagos, unmodified opinion · signed

    Auditor's sign-off: Omolara O. Ogun, FCA (FRC/2012/PRO/ICAN/004/00000000412), for KPMG Professional Services

    Final status: The independent auditor's report (opinion PDF p32) is signed by hand ('Signed:') by Omolara O. Ogun, FCA (FRC/2012/PRO/ICAN/004/00000000412) for KPMG Professional Services, Lagos, dated 13 February 2026, with the ICAN seal (PDF p37, page image; the text layer of pp30-37 is unreadable). The statement of financial position states approval by the Board on the 11th of February 2026 and carries visible signatures of Mrs. Juliet C. Anammah (Chairman), Mr. Thibaut F.B. Boidin (Managing Director/CEO) and Mrs. Maria A. Karaseva (Finance Director, signing under an FRCN waiver) (PDF p40, page image).

    Document date
    13 Feb 2026
    Auditor's report
    13 Feb 2026
    Board approval
    11 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “₦'000”)
    • Group 2024 includes a discontinued operation (loss (112,754)) and a non-controlling interest (912,238 at 31 December 2024; nil at 31 December 2025).
    • Key audit matters: revenue recognition (rebates and discounts; revenue N1.4 trillion) and deposit liabilities for returnable packaging materials (N48.8 billion within trade and other payables) (pp33-34). No going-concern or emphasis-of-matter paragraph.
    • The text layer of the auditor's pages (PDF pp30-37: KPMG limited assurance report on ICFR and the independent auditor's report) is unreadable (font encoding); these pages were read on the renders. No figures were taken from them.
    • Basic and diluted earnings per share printed identically in kobo: 319 (2024: (1,207)) (p38).
    Technical details
    File
    122 pages, with a text layer
    SHA-256
    5fc575254d874cca5fb85007629a1d9dadbfd9402b21d226a714a7d06d34bf11
    Entity as printed
    Nigerian Breweries Plc ("the Company") and its subsidiaries (together, "the Group"); RC: 613
    Issuer copy
    retrieved 2026-10-08T20:39:32Z

Data notes

  • Cash and cash equivalents at 31st December — Printed '150,587,'; read as '150,587,526'. Text-layer artefact: the text layer splits the Group 2024 cell as '150,587, 526'; the page image (PDF p43) prints 150,587,526, equal to the 2025 opening cash and the 2024 balance sheet. Read as the same digits joined. (Nigerian Breweries Plc 2025 Annual Report and Accounts, p43)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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