Home Sectors BUSINESS & ECONOMY Nigerians Consume N599.11bn Worth Of Beer In 6 Months

Nigerians Consume N599.11bn Worth Of Beer In 6 Months

FOUR HANDS MALE AND FEMALE TOAST WITH MUGS OF BEER

According to the first quarter results of four of the country’s major brewers, Nigerians consumed beer worth N599.11 billion in six months, specifically from January to June 2022.

Nigerian Breweries and Guinness Nigeria lost market share to competitors, making Champion Brew the best-performing brewing firm at the conclusion of the First Half (H1) 2022. From January to June 2022, Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Brew produced a total N599.11 billion, according to an industry study.

When compared to the N456.44 billion they made during the same time in 2021, the four top brewers in the nation’s revenue increased by 31.2%. In contrast to the N23.44 billion reported in H1 2021, the net profit reported by Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Brew grew by 54.1% to N36.14 billion in the first half of this year.

The performance review is listed from least to the best performing

Champion Brew (41.6% growth)

“While Champion Brew holds a small share of the market, the company recorded the highest revenue growth of 41.6% during the period under review, making it the best-performing firm in the industry. It generated N6.86 billion, against the N4.84 billion reported in H1 2021.

“The brewer also joined Nigerian Breweries and Guinness to grow its profit after tax, reporting a 141.6% growth year-on-year, as its net profit rose to N1.07 billion in H1 2022, surpassing the N445.23 billion recorded during the same period last year.

Nigerian Breweries (30.9% growth)

“Despite growing its revenue to N274.03 billion between January to June this year, the 30.9% growth rate when compared to the N209.21 billion turnover of H1 last year, makes Nigerian Breweries the third best performing firm in the market.

“The management was also able to grow its net profit by 142.8% year-on-year, having reported that it made N19.08 billion in the first six months of 2022, surpassing the N11.22 billion profit after tax of H1 2021.

International Breweries (35.9% growth)

“From sales of its products, International Breweries generated N111.40 billion within six months of H1 this year, in contrast to the N81.96 billion grossed in the same period last year – a difference of 35.9%.

“However, its revenue growth couldn’t prevent International Breweries net profit from a -97.5% decline, after failing to surpass the N13.88 billion profit after tax of H1 2021, as the firm reported N336.20 million net profit in the first half of this year.

Guinness Nigeria (28.9% growth)

“Guinness Nigeria was the least performing company in terms of revenue growth, with the company reporting 28.9% in turnover growth, which rose to N206.82 billion in H1 this year, from N160.41 billion in H1 2021.

“However, Guinness Nigeria recorded the highest growth in profit after tax, as it closed the first half of this year with N15.65 billion, which is 1146.7% year-on-year growth when compared to the N1.25 billion of H1 2021.

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