International Breweries Plc (IBPLC), one of Nigeria’s largest beer producers, has made a dramatic comeback to profitability in 2025 after seven years of consecutive losses. The Osun-based company reported a profit after tax of ₦57.83 billion for the first nine months of 2025, rebounding from a loss of ₦112.8 billion in the same period last year.
The turnaround marks a major milestone for the Anheuser-Busch InBev subsidiary, which had been weighed down by rising costs, heavy borrowings, and currency headwinds in previous years. The company’s unaudited financials show a combination of stronger revenue growth, reduced finance costs, and significant foreign exchange gains driving its return to positive territory.
Revenue jumped 38% year-on-year to ₦472.57 billion, from ₦343.45 billion in 2024, boosted by higher sales volumes and improved pricing across its beer and beverage segments. Meanwhile, cost of sales grew at a slower 25% pace to ₦311.64 billion, helping the company post a gross profit of ₦160.92 billion, compared to ₦94.86 billion a year earlier.
The improved margin signals greater operational efficiency and better cost control despite ongoing inflationary pressures. Analysts note that the brewer’s ability to balance higher input costs with strong demand reflects renewed consumer confidence and effective pricing strategies.
Administrative, marketing, and distribution expenses climbed 27% to ₦92.09 billion, reflecting Nigeria’s inflation environment and rising logistics costs. Yet, the company still managed an operating profit of ₦67.01 billion for the nine months, a sharp contrast to the ₦125.40 billion operating loss recorded in 2024.
This rebound was underpinned by disciplined cost management and aggressive marketing efforts across flagship brands. The brewer’s performance indicates a successful shift toward sustainable operations after several loss-making years.
One of the biggest factors in International Breweries’ turnaround was the dramatic improvement in foreign exchange results. Other expenses dropped to a net expense of ₦1.78 billion from ₦147.58 billion a year ago, driven by unrealised FX gains of ₦8.72 billion and reduced realised FX losses of ₦13.51 billion, compared to ₦159.15 billion in 2024.
Finance costs also eased to ₦6.13 billion from ₦37.10 billion, following the company’s successful debt clearance. At the same time, finance income more than doubled to ₦13.33 billion, producing a net finance income of ₦7.20 billion, a stark reversal from a ₦29.15 billion net loss in the previous year.
Pre-tax profit surged to ₦74.21 billion from a ₦154.55 billion loss, while tax expenses of ₦16.39 billion brought net profit to ₦57.83 billion, yielding a 12% net margin. Cash flow from operating activities rose to ₦38.42 billion, reversing a ₦10.90 billion outflow last year.
Although capital expenditure increased to ₦86.01 billion as the company expanded and modernised its facilities, financing outflows narrowed to ₦13.67 billion, aided by lower lease and interest payments. Earnings per share turned positive at ₦0.34, compared to a loss per share of ₦0.67 in 2024, signalling renewed investor confidence in the brewer’s financial recovery.
Outlook
The company’s financial recovery underscores its resilience in a challenging operating environment marked by currency volatility and inflation. With a stronger balance sheet, streamlined costs, and an expanding product portfolio, International Breweries appears poised to sustain its growth momentum into 2026.
Its sharp turnaround after seven years of red ink places it among Nigeria’s most notable corporate recovery stories this year, reinforcing optimism about the broader consumer goods sector’s rebound amid improving macroeconomic stability.