The management of Nigerian Breweries Plc has announced a significant change in its ownership structure and operational outlook during a pre-AGM media briefing held today in Lagos.
According to data shared by the company, the free float of Nigerian Breweries on the trading floor of the Nigerian Exchange dropped to 8,307,346,513 units, representing 26.81% of total shares in 2024, down from 4,355,234,661 units (42.32%) in 2023. The value of these shares, as at 2024, stood at ₦265.83 billion, a major rise from ₦156.79 billion recorded in the previous year.
This development follows a recent Rights Issue which saw Heineken Family Holdings consolidate its stake, now standing at 72.90% of the company’s total outstanding shares (30,983,027,100 units).
The company’s Managing Director/CEO, Mr. Hans Essadi, speaking at the media parley, expressed satisfaction with the strategic decisions that have steered Nigerian Breweries back to profitability despite operating under challenging macroeconomic conditions, including currency volatility and expensive bank loans.
Here’s the visual breakdown of Nigerian Breweries’ shareholding structure for 2023 and 2024:
Blue bars show the percentage of shares freely traded on the market (free float).
Orange bars represent Heineken family holdings.
Green bars reflect the value of the free float in billions of Naira.
“Returning to profitability in such a difficult economic climate was no small feat,” Essadi stated. “Our focus has been on restructuring operations, improving efficiencies, and maintaining market leadership, but we must also acknowledge that the cost of financing through traditional banking channels remains unsustainable.”
As a result, the company disclosed plans to explore alternative financing mechanisms. Essadi said stakeholders and shareholders will be consulted during the upcoming virtual Annual General Meeting (AGM), scheduled for Wednesday, April 16, 2025, as part of strategic efforts to sustain momentum and growth.
Despite the improved financial performance, the CEO confirmed that no dividends will be paid for the 2024 financial year. This decision, according to him, is part of a broader capital preservation strategy aimed at ensuring long-term sustainability.
“Our priority now is to stabilize the company’s finances and position it for stronger future performance,” Essadi explained. “We understand shareholders’ expectations but urge for their understanding and support as we navigate this next phase.”
Nigerian Breweries remains Nigeria’s leading brewer and a key subsidiary of Heineken N.V., with a portfolio that includes iconic brands like Star Lager, Gulder, Amstel Malta, and Fayrouz. The AGM is expected to provide further insight into the company’s financial roadmap and shareholder engagement strategies for 2025 and beyond.
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