Nigerian Breweries Plc has absolutely eradicated its accumulated losses, with Group retained earnings turning optimistic at N34.79 billion as of September 30, 2026, from an accumulated deficit of N72.17 billion on the finish of December 2025.
An evaluation by Nairametrics Research of the brewer’s unaudited monetary statements for the 9 months ended September 30, 2026, exhibits that the turnaround was supported by sustained profitability, decrease finance prices and improved money era.
The father or mother firm’s retained earnings additionally returned to optimistic territory at N37.01 billion from an accumulated deficit of N77.09 billion, a big improvement as a result of dividend-paying capability relies upon notably on the distributable income of the authorized entity declaring the dividend.
However, Nigerian Breweries has not introduced a brand new dividend, and any future distribution will rely on sustained profitability, ample distributable reserves and the mandatory company approvals.
Profit restoration eliminates accumulated losses
Nigerian Breweries started 2026 with Group accumulated losses of N72.17 billion after a troublesome interval marked by elevated finance prices and strain on profitability.
By June, the brewer had reversed the place, recording optimistic Group retained earnings of N13.65 billion, supported by a first-half revenue after tax of N92.95 billion.
The restoration continued within the third quarter, with a further N21.14 billion in revenue after tax lifting nine-month earnings to N114.10 billion.
- Group retained earnings elevated to N34.79 billion on the finish of September, an enchancment of N106.96 billion from the start of the yr.
- Parent-company retained earnings moved from a N77.09 billion accumulated deficit on the finish of 2025 to a optimistic N37.01 billion.
- Revenue elevated by 5.4% to N1.10 trillion, whereas gross revenue rose by 15.1% to N477.90 billion as value of gross sales declined marginally to N624.76 billion.
- Profit earlier than tax elevated by 32.6% to N171.68 billion, whereas revenue after tax rose by 33.4% to N114.10 billion.
The restoration was additionally supported by decrease financing bills, with finance prices declining by 61.3% to N11.20 billion from N28.90 billion within the corresponding interval of 2025.
The enchancment in profitability was ample to take up earlier accumulated losses and rebuild optimistic retained earnings at each Group and parent-company ranges.
Nigerian Breweries final paid dividends for the 2022 monetary yr
The return to optimistic retained earnings comes after three consecutive monetary years with out dividend distributions to shareholders.
Nigerian Breweries final declared dividends for the 2022 financial year, when shareholders acquired a complete of N1.43 per share, comprising an interim dividend of 40 kobo and a remaining dividend of N1.03 per share.
The complete payout amounted to roughly N13.87 billion, with the ultimate dividend accepted by shareholders in April 2023.
- The firm made no dividend distributions for the 2023, 2024 and 2025 monetary years following the deterioration in its monetary efficiency and accumulated losses.
- Although profitability improved in 2025, Group retained earnings remained negative at N72.17 billion at year-end, whereas the father or mother firm had an accumulated deficit of N77.09 billion.
- Nigerian Breweries didn’t declare a brand new dividend through the 9 months ended September 2026, in accordance to its assertion of modifications in fairness.
- The N340.56 million paid in dividends through the interval associated to present dividend obligations reasonably than a newly declared distribution, whereas dividend payable declined to N2.44 billion from N2.79 billion.
The elimination of accumulated deficits subsequently strengthens the corporate’s potential capability to resume distributions, though any dividend will nonetheless rely on sustained profitability, ample distributable reserves and the mandatory company approvals.
Debt compensation and stronger money move assist dividend prospects
Nigerian Breweries’ enchancment in retained earnings has coincided with a big strengthening of its steadiness sheet, notably by means of the elimination of excellent interest-bearing borrowings.
Loans and borrowings declined from N59.71 billion on the finish of December 2025 to zero as of September 2026.
The enchancment was additionally mirrored in stronger money era and better shareholders’ funds.
- Net money from working actions elevated by 145.2% to N150.03 billion from N61.18 billion within the corresponding interval of 2025.
- Cash and money equivalents rose by 26.4% to N77.28 billion, whereas shareholders’ funds elevated to N667.22 billion from N560.22 billion.
- Nigerian Breweries spent N61.02 billion on property, plant and gear through the interval, whereas excellent capital expenditure commitments stood at N74.7 billion.
- Selling and distribution bills elevated by 24.3% to N240.94 billion, indicating that working and funding necessities may nonetheless affect money obtainable for future distributions.
For shareholders who’ve gone three years with out dividends, the restoration raises hopes that Nigerian Breweries may return to paying dividends for the 2026 monetary yr.
