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 N54.5 billion, a 5.74 per cent from N57.83 billion reported in nine months ended September 30, 2025.

International Breweries in the period posted N35.93 billion income tax expense in nine months of 2026 from N16.39billion in nine months of 2025, a critical factor that led to 5.74 per cent drop in profit after tax.

The brewery marker on the Nigerian Exchange Limited (NGX) disclosed that its profit before tax, however, closed nine months of 2026 at N90.44 billion, about 21.86 per cent increase when compared to N74.22 billion reported in nine months ended September 30, 2025.

The company in its profit & loss figures declared N482.61billion revenue in nine months of 2026, representing an increase of 2.12 per cent from N472.6 billion in nine months of 2025.

Despite double digit inflation, International Breweries posted N286.7 billion cost of sales in nine months of 2026, which is 8.02 per cent drop from N311.64 billion in nine months of 2025.

With the interest in revenue and drop in cost of sales, the company declared N195.94 billion gross profit in nine months of 2026, about 21.76 per cent increase over N160.93 billion in nine months of 2025.

The improvement suggests that the brewer generated more gross profit from each naira of sales, although rising operating expenses continued to absorb part of those gains.

Administrative, marketing, and distribution expenses increased 26.1 percent to N116.16 billion from N92.09 billion in the nine months to September 2025.

The increase reflects higher spending across operating and commercial activities, including advertising, promotion, and distribution expenses, which rose to N75.14 billion from N54.98 billion.

From the balance sheet position, the company declared a total assets of N692.03 billion as of September 30, 20026, down by 6.45 per cent from N739.74 billion in 2025.

Property, plant and equipment increased to N370.36 billion from N339.53 billion, reflecting continued investment in the company’s productive assets.

Current assets declined to N273.63 billion from N314.34 billion, largely due to the reduction in cash and cash equivalents and inventories.

Total liabilities fell to N221.70 billion from N239.92 billion. The company disclosed that it had no outstanding loans or overdrafts at the end of the reporting period, although it continued to carry lease liabilities.

AB InBev Nigeria Holdings BV held a 96.01 per cent equity interest in International Breweries at September 30, according to the filing, leaving a free float of 2.55 per cent.

The brewer’s earnings per share declined to N0.32 for the nine months, from N0.34 in the corresponding period of 2025.

The company closed yesterday at N9.30 per share on the Exchange . International Breweries began the year with a share price of N14.00 but has since lost 50.54 per cent Year till Date (YtD) of that valuation.