Not compliant
Nigerian Breweries does not pass Shariah screening under the AAOIFI Standard.
NGX: NB · Breweries · Screened 1 Sept 2026
Nigerian Breweries Plc is Nigeria's largest brewer. It operates seven breweries and two malting plants, at Aba and Kaduna, and distributes through sales offices and distribution centres nationwide, with 12 Sales Regions and 21 Depots. Its brand portfolio is led by lager and stout brands including Star, Gulder, Legend Extra Stout, Heineken and Goldberg, alongside non-alcoholic malt and soft drinks such as Maltina, Amstel Malta and Fayrouz.
Following the full acquisition and integration of Distell Wines and Spirits Nigeria Limited, the company describes itself as a total beverage company. The integration was completed in stages: an initial 80% majority stake was acquired in June 2024, and the remaining 20% was acquired in March 2025. A state-of-the-art manufacturing line for Distell brands was installed at the Ibadan Brewery, and production of wine and spirit brands including Chamdor and 4th Street has commenced. The portfolio now also includes wines, spirits and ciders.
Group revenue reached N1.47 trillion in 2025, up 35% from N1.084 trillion in 2024, with operating profit rising almost threefold to N205.2 billion. The company swung back to a net profit of N99.1 billion after two consecutive years of losses, reflecting price increases, cost discipline, and an 83% reduction in net finance costs following a 2024 rights issue that reduced foreign-currency exposure. Total equity rose 21% to N560.2 billion, though retained earnings remain negative and the board did not recommend a dividend for the year.
Beer and stout, malt and non-alcoholic drinks, and, since the Distell integration, wines and spirits. The company reported net revenue growth of 35% to N1.47 trillion in 2025 and operating profit of N205.2 billion.
No. As of 1 September 2026, Nigerian Breweries (NB) does not pass Shariah screening under the AAOIFI Standard.
Qistal re-screens every NGX ticker when new audited or interim accounts are filed. This page always shows the date of the most recent screen.
Yes. Compliance drifts as a company borrows, raises cash, or changes its business mix, so a verdict describes a moment rather than a permanent status.