Nigerian Breweries Plc Bounces Back, Shatters Two-Year Loss Streak With N1.46 Trillion Profit
Nigerian Breweries Plc’s Board and Management have been commended for the company’s strong recovery and improved profitability in the 2025 financial year, driven by disciplined cost management and a significant reduction in finance expenses. The commendation was made by shareholders of the company at NB Plc’s 80th Annual General Meeting held at the Oriental Hotel, Victoria Island, Lagos, on Wednesday, April 22, 2026.
The company returned to profitability in 2025 after recording net losses in 2023 and 2024. Record group revenue reached N1.46 trillion, with revenue growing 35 percent and operating profit tripling compared to the prior year. It was the first significant net profit in about 10 years, according to management.
Total borrowings fell significantly from over N200 billion at the end of 2024 to N59 billion, while forex-denominated debts were eliminated entirely. Cash flow reversed from negative territory to positive, strengthening the company’s balance sheet.
Eke Emmanuel, immediate past secretary of the Independent Shareholders Association of Nigeria, praised the Board and Management for steering the company through a volatile macroeconomic environment while strengthening its financial position. “The company’s resilience, at a time when several businesses exited the country, reflects strong leadership and a sound strategic direction,” Emmanuel said.
Owolabi Opeyemi, a member of the Noble Shareholders Association, said: “We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years is commendable.”
The Board’s Chairperson Juliet Anammah said the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms. “We recognize the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” Anammah said.
The Board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year, according to Anammah.
The company implemented a multi-layered strategy to manage foreign exchange volatility and inflationary pressures. These include reduced forex exposure, strengthened liquidity, disciplined cost management, and supply chain localisation. The share of local suppliers has risen significantly, supported by programmes such as the company’s barley development scheme aimed at strengthening domestic agricultural supply chains.
Managing Director and Chief Executive Officer Thibaut Boidin expressed confidence in the company’s financial position. “The improved cash position supported the recent settlement of outstanding borrowings, thereby strengthening the company’s financial position,” Boidin said. He added that the company remains focused on execution excellence, revenue optimization, cost control, and efficient cash management to sustain momentum and deliver long-term value to stakeholders.
In Q1 2026, Nigerian Breweries recorded a Profit After Tax of N55.95 billion, representing a 25.6 percent increase over the N44.55 billion recorded in the corresponding period in 2025. Revenue rose from N383.64 billion in Q1 2025 to N413.02 billion in Q1 2026, representing 8 percent growth.
