Nigerian Breweries Plc (NB Plc) has cautioned that continued instability in the Middle East could trigger foreign exchange risks, supply chain disruptions, and elevated inflation in Nigeria, potentially undermining the country’s recent macroeconomic gains.
Speaking at the company’s pre-Annual General Meeting media briefing in Lagos on Thursday, Managing Director and CEO Thibaut Boidin said that early indicators had pointed to a year of stability and growth in 2026 following the government’s reforms in 2025. However, recent developments in the Middle East have altered that outlook.
“The continued instability could lead to FX risks, supply issues and higher inflation,” Boidin warned, while noting that Nigeria possesses significant untapped potential. He urged the government to introduce policies that unlock financing for farmers and promote import substitution to strengthen local production.
Despite the external headwinds, the company reported a strong financial turnaround in 2025. Finance Director Maria Karaseva announced that group revenue rose 35% to N1.5 trillion, supported by appropriate pricing strategies. Gross profit surged 77% to N566 billion, while operating profit grew 194% to N205 billion, driven by cost discipline and supply chain efficiencies.
The company successfully reversed the net losses recorded in 2023 and 2024, posting a profit before tax of N161 billion and a net profit of N99 billion in 2025, compared with a loss before tax of N183 billion and a net loss of N145 billion the previous year.
Karaseva credited the 2024 Rights Issue with playing a pivotal role, enabling an 83% reduction in net finance expenses and allowing the company to deleverage its balance sheet while clearing overdue foreign exchange payables.
Company Secretary Uaboi Agbebaku reassured shareholders that the company remains committed to delivering value. He noted that while retained earnings are still negative due to prior losses, the Board is confident that, with a conducive operating environment, the company will return to a positive position and resume dividend payments in the near future.
“The future of the company is bright,” Agbebaku said. “We are confident that in no distant time and supported by a conducive operating environment we will reverse the negative retained earnings situation to a positive one, thereby enabling the company to resume the payment of dividends to all shareholders.”
The strong 2025 performance and cautious outlook reflect both the resilience of Nigerian Breweries and the broader challenges facing the Nigerian economy as it contends with global uncertainties and domestic structural issues.
