Brewery companies operating in Nigeria posted N595.94bn from the sale of alcohol and soft drinks in the half year of 2022, analysis by THE WHISTLER reveals.
The country has five major brewery companies listed on the Nigerian Exchange Ltd. They are Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries, Champion Brewery and Golden Guinea.
During the half year period covering January to June, the brewery companies saw their revenue up N141.1bn from N454.8bn to N595.9bn in June 2022.
The sub-sector where breweries fall under- Food, Beverage and Tobacco, under the manufacturing sector accounted for N2.42trn of GDP in the first quarter of this year.
But the manufacturing sector recorded 11.72 growth, lower than the 32.10 per cent growth recorded in the first quarter of 2021.
This is the highest first quarter contribution that the subsector has made since 2020.
Breweries in the country leveraged on the rebound in the consumption of drinks due to the full reopening of the economy.
In 2020 the Covid-19 pandemic led to the decline of the hospitality sector, a channel through which breweries get the bulk of patronage.
But brewery companies in the country witnessed a rebound when the government fully opened up the economy.
The biggest gainer among the country’s breweries is Nigerian Breweries. The manufacturer generated N274.08bn revenue in the first quarter of 2022. In 2021 first quarter, Nigerian Breweries recorded a revenue growth of N209.25bn.
Guinness Nigeria generated the second revenue growth of N206.82bn which was up by N160.41bn.
International Breweries had its revenue grow from N81.96bn in the 2021 first quarter to N111.4bn
Champion Brew Plc realised N3,541,582,000 compared to the N2.46bn recorded in 2021.
But Golden Guinea witnessed a huge drop in revenue from N701.1m, 589 in the first quarter of 2021 to N90.19m in June, 2022.