International Breweries’s Profit Drops by 5.74% to N54.51bn in 9 Months
Kayode Tokede Following a 119.25 per cent growth in income tax expense, International Breweries Plc yesterday announced unaudited nine months ended September 30, 2026 with profit after tax closing at
International Breweries Plc reported a 5.74% decline in profit after tax for the nine months ended September 30, 2026 compared to the same period in 2025. A significant contributor to this drop was a 119.25% growth in income tax expense, which rose from N16.39 billion in 2025 to N35.93 billion in 2026.
Despite this increase in tax burden, the company's profit before tax saw a substantial 21.86% rise, reaching N90.44 billion in 2026 from N74.22 billion a year earlier. The brewery marked a 2.12% increase in revenue, declaring N482.61 billion in the nine months of 2026, compared to N472.6 billion in 2025. However, the cost of sales dropped by 8.02%, falling to N286.7 billion in 2026 from N311.64 billion in 2025.
Consequently, the company reported a N195.94 billion gross profit, marking a 21.76% increase over the previous year.
The rise in gross profit indicates that International Breweries generated more profit for each naira of sales, despite rising operating expenses. Administrative, marketing, and distribution expenses increased by 26.1%, reaching N116.16 billion in 2026 from N92.09 billion in 2025. These expenses included advertising, promotion, and distribution costs, which grew to N75.14 billion from N54.98 billion.
The company's total assets declined by 6.45% to N692.03 billion as of September 30, 2026, from N739.74 billion in 2025. Property, plant, and equipment increased to N370.36 billion, reflecting ongoing investments in the company's assets. Current assets, however, fell to N273.63 billion from N314.34 billion, primarily due to a reduction in cash and cash equivalents and inventories.
Total liabilities decreased to N221.70 billion from N239.92 billion, with no outstanding loans or overdrafts at the end of the reporting period. AB InBev Nigeria Holdings BV owned a 96.01% equity interest in International Breweries, leaving a free float of 2.55%. The company's earnings per share dropped to N0.32 for the nine months, down from N0.34 in the same period of 2025, and the stock closed at N9.30 per share on the Exchange.
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