Shareholders of Nigerian Breweries Plc have commended the Board and Management 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 at the company’s 80th Annual General Meeting, held at the Oriental Hotel, Victoria Island, Lagos, on Wednesday, April 22, 2026.
Speaking at the AGM, the immediate past Secretary of the Independent Shareholders Association of Nigeria, Mr Eke Emmanuel, praised the Board and Management for steering the company through a volatile macroeconomic environment while strengthening its financial position. He noted that the company’s resilience, at a time when several businesses exited the country, reflects strong leadership and a sound strategic direction. “It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Also speaking, a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, lauded the Board and Management for navigating challenging business conditions and restoring the company’s financial health. “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,” Opeyemi said.
The return to profitability follows two consecutive years of net losses, during which the company was hit hard by macroeconomic pressures, including currency devaluation, rising input costs, and reduced consumer purchasing power. In her address, the Board Chair, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following those difficult years. She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates its growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” Mrs Anammah said.
However, Mrs Anammah addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses. “We recognise 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,” she added.
She further noted that 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. From an economic perspective, Nigerian Breweries’ recovery is significant given the company’s role as one of Nigeria’s largest manufacturing employers and a major contributor to government revenues through excise duties and taxes. The company’s ability to restore profitability in a challenging environment signals resilience in the consumer goods sector, which has been battered by high inflation, currency volatility, and reduced household spending.
