Photo: Nigeria’s alcoholic drinks
Nigerians spent over N245.61 billion to consume alcoholic and non-alcoholic drinks within three months of this year, report says.
This is according to the 2022 first quarter analysis of the financials of the three largest drink producers; Nigerian Breweries, International Breweries and Guinness Nigeria.
The report says that consumers of the brewers’ products increased their spend limit by N58.36 billion when compared with that of the corresponding quarter in 2021.
It said that in Q1 2021, the brewers had generated N187.24 billion from sales of their products, after spending N127.24 billion on the bottles.
During the quarter this year, the cost of producing them was N142.53 billion.
At the end of the Q1 period for 2022, it was gathered that International Breweries leapfrogged Guinness Nigeria in the industry’s revenue share, as the former posted N57.52 billion, while the latter recorded N50.32 billion.
During the corresponding period of Q1 2021, Guinness Nigeria had generated N42.60 billion, higher than the N38.96 billion International Breweries grossed within the same period.
Nigerian Breweries maintained its grip over the market, accounting for N137.77 billion of the total amount generated by the three largest brewing companies in Q1 this year, surpassing the N105.67 billion posted in Q1 2021.
International Breweries on the other hand exited its N2.57 billion Q1 2021 loss, following report of N721.16 million profit after tax for the period between Jaanuary to March 2022.
But it fell behind Guinness, which recorded N6,45 billion profit after tax in the first three months of this year, in contrast to the N2.15 billion reported in first quarter 2021.
Nigerian Breweries wasn’t left out of the growth in profit, as the industry leader posted N13.61 billion PAT in Q1 this year, above the N7.65 billion recorded during the same period last year.
