Nigerian Breweries Plc has absolutely eradicated its accumulated losses, with Group retained earnings turning constructive 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, reveals that the turnaround was supported by sustained profitability, decrease finance prices and improved money technology.
The mother or father firm’s retained earnings additionally returned to constructive territory at N37.01 billion from an accumulated deficit of N77.09 billion, a big growth as a result of dividend-paying capability relies upon significantly on the distributable earnings of the authorized entity declaring the dividend.
However, Nigerian Breweries has not introduced a brand new dividend, and any future distribution will rely upon 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 tough interval marked by elevated finance prices and stress on profitability.
By June, the brewer had reversed the place, recording constructive 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 12 months.
- Parent-company retained earnings moved from a N77.09 billion accumulated deficit on the finish of 2025 to a constructive N37.01 billion.
- Revenue elevated by 5.4% to N1.10 trillion, whereas gross revenue rose by 15.1% to N477.90 billion as price 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 in earlier accumulated losses and rebuild constructive retained earnings at each Group and parent-company ranges.
Nigerian Breweries final paid dividends for the 2022 monetary 12 months
The return to constructive 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 obtained a complete of N1.43 per share, comprising an interim dividend of 40 kobo and a closing dividend of N1.03 per share.
The whole payout amounted to roughly N13.87 billion, with the ultimate dividend permitted 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 mother or father 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 adjustments in fairness.
- The N340.56 million paid in dividends through the interval associated to current dividend obligations quite than a newly declared distribution, whereas dividend payable declined to N2.44 billion from N2.79 billion.
The elimination of accumulated deficits due to this fact strengthens the corporate’s potential capability to resume distributions, though any dividend will nonetheless rely upon 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, significantly by way 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 technology 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 might nonetheless affect money obtainable for future distributions.
For shareholders who’ve gone three years with out dividends, the restoration raises hopes that Nigerian Breweries might return to paying dividends for the 2026 monetary 12 months.
