Nigerian Breweries clears N72.17 billion accumulated losses, moves closer to dividend resumption

Nigerian Breweries Plc has officially eliminated its accumulated N72.17 billion losses, with Group retained earnings reaching a positive N34.79 billion as of September 30, 2026, after being in deficit at N72.17 billion by December 2025. The turnaround was fueled by consistent profitability, reduced finance costs, and enhanced cash generation.

Group retained earnings also returned to positive territory at N37.01 billion, up from an accumulated N77.09 billion deficit. While this marks a significant development for dividend-paying capacity, Nigerian Breweries hasn't announced a new dividend yet, and future payouts will rely on ongoing profitability, sufficient distributable reserves, and necessary corporate approvals.

The brewer started 2026 with accumulated losses of N72.17 billion, but by June had turned the corner with positive Group retained earnings of N13.65 billion, driven by a first-half profit of N92.95 billion. This momentum carried into the third quarter, adding another N21.14 billion in profit after tax, bringing nine-month earnings to N114.10 billion.

Lower financing expenses, a 61.3% drop in finance costs to N11.20 billion, further aided the recovery. The positive retained earnings return follows three years without dividend distributions, with Nigerian Breweries' last dividend declared in the 2022 financial year.