Nigerians drank beer worth N599.11 billion in six months running from January to June 2022, according to the first quarter results of four major brewers in the country.
Champion Brew ended the First Half (H1) 2022 as the best-performing company in the brewery Industry, as Nigerian Breweries and Guinness Nigeria lost market share to their rivals.
In the industry analysis of their revenue growth from January to June 2022, Nigerian Breweries, Guinness Nigeria, International Breweries and Champion Brew generated a combined N599.11 billion.
The turnover grossed by the four largest brewers in the country grew 31.2 per cent when compared to the N456.44 billion they generated during the corresponding period in 2021.
While the net profit recorded by Nigerian Breweries, Guinness Nigeria, International Breweries and Champion Brew increased by 54.1 per cent, as it rose to N36.14 billion in H1 this year, in contrast to the N23.44 billion reported in H1 2021.
The performance review is listed from the least to the best performing
“Guinness Nigeria was the least performing company in terms of revenue growth, with the company reporting 28.9 per cent 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 per cent year-on-year growth when compared to the N1.25 billion of H1 2021.
•Source: Prime Business Africa