Nigerian Breweries Eliminates N72.17 Billion Losses in 2026

Nigerian Breweries Plc has successfully cleared its accumulated losses, reporting positive Group retained earnings of N34.79 billion as of September 30, 2026, up from an accumulated deficit of N72.17 billion at the end of December 2025. An analysis by Nairametrics Research of the brewer's unaudited financial statements for the nine months ending September 30, 2026, indicates that this turnaround was facilitated by sustained profitability, reduced finance costs, and enhanced cash generation.

The parent company's retained earnings also improved to N37.01 billion from an accumulated deficit of N77.09 billion. Despite this positive development, Nigerian Breweries has not declared a new dividend, and future distributions will depend on ongoing profitability, adequate distributable reserves, and necessary corporate approvals.

The company began 2026 with significant accumulated losses but recorded a profit after tax of N92.95 billion in the first half, followed by an additional N21.14 billion in the third quarter, totaling N114.10 billion for the nine months. The decline in finance costs by 61.3% to N11.20 billion further supported this recovery.