The Nigerian brewing industry has staged an impressive recovery in 2025. Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Breweries have collectively seen their market capitalization surge to N4.63 trillion, more than double the N2.1 trillion recorded in 2024.
Despite Champion Breweries leading in share price performance with a 246.46% YtD gain, Nigerian Breweries still holds the crown in market capitalization at N2.12 trillion.
The rally is clear, but questions remain: Which brewery is executing the best?
In the first nine months of 2025, Nigerian Breweries led, with N1,046.38 billion in revenue. That’s more than half (about 54%) of the total revenue generated by all four companies combined.
International Breweries posted N472.57 billion in revenue and 37.60% growth.
Guinness, with a 71.56% growth in revenue, reaching N377.94 billion, recorded the highest growth.
Finally, we have Champion Breweries, with the smallest revenue at N21.44 billion, but it is growing at 52.92% year-on-year.
Verdict
Nigerian Breweries leads in absolute revenue, but Guinness wins in revenue growth.
On a long-term basis, Nigerian Breweries has a 5-year total revenue of N3 trillion, while International Breweries leads in growth with a CAGR of 37%.
The combined revenue of N1.9 trillion in the first nine months of 2025, higher than the 5-year average N1.1 trillion, signals a significant industry rebound.
In 2025, the Nigerian brewing sector showed a big shift in how well the companies are managing their costs and margins, and some are performing better than others.
Verdict: Champion Breweries leads in cost efficiency and top-margin margins, while International Breweries leads in post-tax margin.
Nigerian Breweries faces cost pressures, and Guinness still has room to improve its cost management.
The Nigerian brewers turned around their performance in 2025, moving from losses to profitability:
Verdict: Nigerian Breweries leads in absolute profit, Champion Breweries has the best profit margin, and International Breweries shows the strongest recovery.
Verdict: Nigerian Breweries leads in absolute profit, Champion Breweries has the best profit margin, and International Breweries shows the strongest recovery.
Verdict: Nigerian Breweries has the largest balance sheet size. But International Breweries has the strongest balance sheet due to zero debt, while Nigerian Breweries and Champion Breweries have manageable debt levels. Guinness has the highest debt, showing it’s more reliant on borrowing.
The brewers have generally enjoyed premium valuations, with an average P/E ratio of 28x, indicating that the market expects strong growth across the sector.
Given Nigerian Breweries’ market leadership, its lower P/E ratio of 22.17x compared to the sector’s average of 28x may indicate undervaluation.
Overall, Nigerian Breweries and Champion Breweries offer the most appealing investment perspectives, with Nigerian Breweries being the most balanced choice and Champion Breweries offering great growth potential.