Nigerian Breweries Plc has linked its remarkable 135% share price appreciation over the past year to the successful execution of a tough but necessary business recovery plan, declaring that the company has emerged stronger from one of its most challenging financial periods.
Speaking at the 80th Pre-Annual General Meeting media briefing in Lagos on Thursday, April 16, 2026, Managing Director and CEO Hans Essaadi said the stock rally is clear validation of the strategic decisions taken over the last 18 months.
“The recent stock rally solidifies NB Plc’s market dominance and serves as a validation of the difficult but necessary strategic decisions we took over the last 18 months,” Essaadi stated. “Despite the volatile environment that saw some players exit the country, we stayed, we reinvested, and today, we are navigating this crisis from a position of strength.”
The company delivered a strong rebound in 2025, with Group revenue growing 35% and operating profit surging more than 190%. This performance translated into a 168% recovery in net profit, swinging the Group from a heavy loss position the previous year.
Essaadi credited the turnaround to sustained innovation, premiumisation, right pricing, and strong commercial execution, supported by rigorous cost discipline and supply chain efficiencies.
A pivotal factor was the capital injection from the 2024 Rights Issue, which enabled an 83% reduction in net finance costs. Total borrowings dropped sharply from over N200 billion in 2024 to approximately N59 billion by the end of 2025, effectively eliminating the company’s foreign currency exposures.
Finance Director Maria Karasewa described the company as now “cash-positive,” saying: “In the aircraft, you need to put your own mask on first before you attend to others. Our mask now works; we are financially strong today, which allows us to now focus entirely on our consumers and shareholders.”
The company also completed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited in 2025, expanding its “beyond beer” portfolio despite a one-off integration cost.
Essaadi revealed that the company has already factored potential macroeconomic triggers — including the ongoing Middle East crisis — into its 2026 scenario planning. He emphasised a renewed focus on local sourcing, moving beyond political rhetoric to a long-term roadmap involving direct infrastructure and financing support for smallholder farmers.
Although the company returned to profitability in 2025, its retained earnings remain negative due to heavy losses in the preceding two years. Company Secretary Uaboi G. Agbebaku noted that the Board is satisfied with the progress being made to reverse this position. He clarified that dividend payments depend on clearing accumulated losses, but the 135% share price increase represents the first step in delivering value to loyal shareholders.
The strong market performance and strategic repositioning signal that Nigerian Breweries has successfully weathered a difficult period and is now focused on sustainable, long-term growth in a competitive and challenging operating environment.
