October 23, 2025
Three
of Nigeria’s major listed firms — Nigerian Breweries Plc, Lafarge Africa Plc
and Secure Electronic Technology Plc — have released their September-quarter
results, showing sharply divergent performances but a clear sign that corporate
earnings are stabilising after last year’s turbulence.
Brewers
back in profit
Nigerian
Breweries reported a dramatic turnaround. For the year to 30 September 2025, it
posted pre-tax profits of ₦126.8 billion and ₦129.4 billion for both company and
group respectively, a steep recovery from the ₦203.1 billion and ₦202.9 billion
pre-tax losses recorded in the same period of 2024. This is a whooping 162 per
cent and 163 per cent improvements in both company and group driven by higher
revenues and a favourable foreign-exchange position.
Cement
giant doubles earnings
Lafarge
Africa also delivered strong results. Group profit before tax for the quarter
rose 138 per cent to ₦113.6 billion, while nine-month profit surged 232 per
cent to ₦313.3 billion. The company cited higher sales volumes and lower
financing costs as key factors. The parent-company figures mirrored the trend,
with profits up 134 per cent for the quarter and 224 per cent for the nine
months.
Gaming
firm still in the red
By
contrast, Secure Electronic Technology Plc remained loss-making. Its pre-tax
loss widened by about 21 per cent in the September quarter to ₦45 million and
by 4 per cent over nine months to ₦93 million. Rising administrative costs and
thin net income margins continue to weigh on performance.
Outlook
Analysts
say the results highlight an uneven recovery across sectors. Consumer goods
companies appear to be benefiting from stronger demand and foreign-exchange
gains, while smaller technology and gaming operators are still struggling with
high operating expenses.
The
Nigerian Exchange Group’s main index has in recent weeks reflected this renewed
investor confidence, with cement and brewery stocks leading advances as
corporate earnings surprise on the upside.
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