Last Update05 Aug 25Fair value Increased 239%
Financial Highlights (H1 2025 vs H1 2024)
Metric H1 2025 (₦’000) H1 2024 (₦’000) YoY Change
Revenue 340,990,220 223,198,927 +52.7%
Cost of Sales (219,412,477) (160,586,622) +36.6%
Gross Profit 121,577,744 62,612,305 +94.1%
Operating Expenses (59,269,904) (48,176,380) +23.0%
Other Expense (6,208,822) (134,006,036)
Significant Drop Profit Before Tax 61,527,171 (150,234,757)
Turnaround Income Tax (20,239,432) 43,451,650
Reversal Net Profit 41,287,739 (106,783,107)
Turnaround EPS (₦) 0.25 (3.98) Positive
✅ Balance Sheet Snapshot (as of June 2025 vs Dec 2024)
Metric June 2025 (₦’000) Dec 2024 (₦’000) Change
Total Assets 706,648,025 727,872,297 -2.9%
Total Liabilities 216,446,210 278,958,220 -22.4%
Equity 490,201,815 448,914,077 +9.2%
Cash & Cash Equivalents 86,636,062 109,038,307 -20.5%
Retained Losses (200,658,683) (241,946,422) Improved
✅ Key Observations
1. Strong Revenue Growth
- Revenue surged 53% YoY, reflecting higher beer demand and possible pricing adjustments.
- Indicates recovery in consumer demand and successful market execution.
2. Margins Improved Significantly
- Gross margin:
- H1 2025 → 35.6% (₦121.6bn / ₦341bn)
- H1 2024 → 28.0% (₦62.6bn / ₦223bn)
- Operating leverage evident as other expenses dropped significantly from ₦134bn to ₦6bn, suggesting absence of major one-off charges that impacted 2024.
3. Profitability Turnaround
- From ₦106.8bn loss in H1 2024 to ₦41.3bn profit in H1 2025.
- EPS improved from -₦3.98 to ₦0.25 → clear recovery story.
- Driven by:
- Strong sales growth.
- Controlled operating costs.
- No major extraordinary losses like last year.
4. Balance Sheet Strengthened
- Equity up 9.2% due to retained earnings improvement.
- Debt levels decreased → liabilities dropped 22.4%, reducing leverage.
- Retained losses narrowed from ₦241.9bn to ₦200.6bn (still negative but improving).
✅ Strengths
✔ Strong revenue growth with margin expansion.
✔ Significant cost optimization and improved operating efficiency.
✔ Turnaround to profitability and positive EPS.
✔ Improved equity base and lower leverage.
❌ Weaknesses / Risks
✖ Still carrying large retained losses (-₦200.6bn).
✖ Heavy reliance on consumer purchasing power amid inflationary pressures.
✖ High sensitivity to FX volatility for imported raw materials.
✖ Cash position down by 20% YoY, limiting liquidity buffer.
Financial Highlights (H1 2025 vs H1 2024)
Metric H1 2025 (₦’000) H1 2024 (₦’000) YoY Change
Revenue 340,990,220 223,198,927 +52.7%
Cost of Sales (219,412,477) (160,586,622) +36.6%
Gross Profit 121,577,744 62,612,305 +94.1%
Operating Expenses (59,269,904) (48,176,380) +23.0%
Other Expense (6,208,822) (134,006,036)
Significant Drop Profit Before Tax 61,527,171 (150,234,757)
Turnaround Income Tax (20,239,432) 43,451,650
Reversal Net Profit 41,287,739 (106,783,107)
Turnaround EPS (₦) 0.25 (3.98) Positive
✅ Balance Sheet Snapshot (as of June 2025 vs Dec 2024)
Metric June 2025 (₦’000) Dec 2024 (₦’000) Change
Total Assets 706,648,025 727,872,297 -2.9%
Total Liabilities 216,446,210 278,958,220 -22.4%
Equity 490,201,815 448,914,077 +9.2%
Cash & Cash Equivalents 86,636,062 109,038,307 -20.5%
Retained Losses (200,658,683) (241,946,422) Improved
✅ Key Observations
1. Strong Revenue Growth
- Revenue surged 53% YoY, reflecting higher beer demand and possible pricing adjustments.
- Indicates recovery in consumer demand and successful market execution.
2. Margins Improved Significantly
- Gross margin:
- H1 2025 → 35.6% (₦121.6bn / ₦341bn)
- H1 2024 → 28.0% (₦62.6bn / ₦223bn)
- Operating leverage evident as other expenses dropped significantly from ₦134bn to ₦6bn, suggesting absence of major one-off charges that impacted 2024.
3. Profitability Turnaround
- From ₦106.8bn loss in H1 2024 to ₦41.3bn profit in H1 2025.
- EPS improved from -₦3.98 to ₦0.25 → clear recovery story.
- Driven by:
- Strong sales growth.
- Controlled operating costs.
- No major extraordinary losses like last year.
4. Balance Sheet Strengthened
- Equity up 9.2% due to retained earnings improvement.
- Debt levels decreased → liabilities dropped 22.4%, reducing leverage.
- Retained losses narrowed from ₦241.9bn to ₦200.6bn (still negative but improving).
✅ Strengths
✔ Strong revenue growth with margin expansion.
✔ Significant cost optimization and improved operating efficiency.
✔ Turnaround to profitability and positive EPS.
✔ Improved equity base and lower leverage.
❌ Weaknesses / Risks
✖ Still carrying large retained losses (-₦200.6bn).
✖ Heavy reliance on consumer purchasing power amid inflationary pressures.
✖ High sensitivity to FX volatility for imported raw materials.
✖ Cash position down by 20% YoY, limiting liquidity buffer.
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