The first quarter figures of four main brewers in Nigeria indicate that Nigerians drank beer with a value of N599.11 billion between January and June of 2022.
During the first six months of 2022, both Nigerian Breweries and Guinness Nigeria saw their market share decline, while Champion Brew emerged as the industry’s top performer.
Prime Business Africa reports that the combined revenues of Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Brew were N599.11 billion between January and June of 2022.
When compared to their N456.44 billion in sales during the same period in 2021, the four top brewers in the country had a 31.2% increase in their turnover.
Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Brew all saw their net profit rise by 54.1% in the first half of this year, from N23.44 billion to N36.14 billion.
There is a ranking of performance from worst to best.
Increase of 28.9% for Guinness in Nigeria
The company’s turnover increased to N206.82 billion in H1 this year from N160.41 billion in H1 2021, making Guinness Nigeria the worst performer in terms of revenue growth.
However, Guinness Nigeria finished the first half of this year with N15.65 billion in profit after tax, up 1146.7% year-on-year from N1.25 billion in H1 2021.
The Rapid Expansion of Nigeria’s Breweries (30.9%)
When compared to the N209.21 billion turnover of H1 last year, Nigerian Breweries’ 30.9% growth rate places it in third place among market leaders.
When compared to the N11.22 billion profit after taxes recorded in the first half of 2021, “the management was also able to grow its net profit by 142.8% year-on-year,” the statement reads.
Global Breweries (up 35.9%)
With the first half of this year complete, International Breweries has earned N111.40 billion from product sales, up from N81.96 billion in the first half of previous year. This is an increase of 35.9%.
“However, its revenue growth was unable to prevent International Breweries’ net profit from declining by -97.5%, as the company reported N336.20 million net profit in H1 2022, falling short of the N13.88 billion profit after tax of H1 2021.
Champion Beer (a increase of 41.6%)
Despite Champion Brew’s very minor market share, the company’s 41.6% year-over-year revenue growth during the review period was the highest of any competitor in the market. In comparison to the N4.84 billion recorded in the first half of 2021, it generated N6.86 billion.
The company’s net profit increased to N1.07 billion in the first half of 2022, up from N445.23 billion in the same period a year earlier, bringing it in line with Nigerian Breweries and Guinness in terms of year-over-year growth in profit after tax.
–TW