Nigerian Breweries

Key Performance Metrics

  • The review of Net Profit Margin witnessed a mixed trend. The Net Profit Margin moved from 5% in 2019 to -17.64% in 2023.
  • The average EBIT Margin for the period under analysis was 11.65% with 2023 and 2022 performing the worst and best, respectively.
  • In the current year, Nigeria Breweries ICR was 0.24 – compared to 2019 when it was 2.96.
  • The Asset turnover stood at 0.85 times in 2023 from 0.63 in 2019, implying a low performance or Assets of the business in relation to revenue.


  • The revenue of Nigeria Breweries has increased year on year. The revenue increased by 4.66% between 2019 and 2020 and a further 29.734% increase was recorded between 2020 and 2021. There also occurred an increase of 989.07% between 2022 and 2023 (the current period). 
  • Nigeria Breweries performance in profitability looks good as the return on capital employed also recorded good performance during the period of analysis.


  • The company’s result in liquidity looks bad, as current ratio/acid test increase from 0.39:1/0.18:1 to 0.57:1/0.26:1 on the last year. Which implies that the company has enough assets to settle its current liabilities.

Capital Structure

  • Nigerian Breweries is both equity and debt financed.
  • The debt-to-equity (D/E) ratio has been falling year on year. The gearing position of the company appears to be low as it stood at 11.31 in the current year.

Source: Nigerian Breweries Annual Report

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