Nigerian Breweries Plc, a Nigerian brewing company, reported a net revenue of 402 billion nairas ($509 million) for the nine months ending in September 2023, reflecting a 2 percent increase compared to the $499 million reported during the same period in 2022. Despite challenging economic conditions and a decline in sales volume, the company's revenue for the third quarter reached $158.2 million, slightly higher than the $151.8 million recorded in the previous year.
Despite the reported revenue growth compared to 2022, the company faced challenges such as increased net finance costs, which rose significantly, and a rise in loans and borrowings. Nigerian Breweries Plc, a member of the Dutch brewing company Heineken Group, has a diverse portfolio of nineteen high-quality brands produced from nine breweries and distributed nationwide. The company's resilience in the face of economic challenges demonstrates its commitment to maintaining a strong position in Nigeria's brewing industry.