FX Loss: International Breweries Attains Recovery as Retained Earnings Turns Positive
Against the background of the heavy losses sustained in the aftermath of the harmonization of the foreign exchange rates in 2023, International Breweries Plc has attained full recovery as retained earnings moved from a negative position of N191 billion ($143) in the third quarter of 2025 to N54 billion in the same period in 2026.
The company, in a report at the Nigerian Exchange Group on Monday, noted that retained profit grew by 128.5% signalling total relief from the threat posed to its going concern status in the wake of the loss sustained from the foreign exchange adjustments.
International Breweries joined the other fast moving consumer goods (FMCGs) who experienced a similar situation and who have attained full recovery. Companies such as Nigerian Breweries, Nestle Nigeria and MTN also had significant parts of their shareholders funds wiped out as a result of the challenge.
International Breweries recorded a loss of N70 billion in 2023 and 111.2 billion in 2024. The company however returned to profitability in 2025 when it posted a profit of N89 billion over a revenue of N204.4 billion.
Though turnover was virtually flat in the first nine months of 2026, growing by just 2% from N472.6 billion to N482.6 billion, profit before tax rose by about 22% on the back of a declining cost of sales (relative to revenue) and efficient treasury management arrangement.
The new tax regime in the country also reflected in the company’s balance as provision for tax liabilities grew by 66% from N7.4 billion to N12.3 billion. International Breweries was established in 1971 and became a quoted company in 1995. SABMiller, a South African company, is one of the largest companies in the world. Its major products Trophy, Budweiser and Hero brands of beer.
