“Nigerian Breweries Signals Stronger Value, Links Dividend Resumption to Sustainable Earnings”

At the 2025 Annual General Meeting of Nigerian Breweries Plc held at the Oriental Hotel, the Chairman of the Board, Juliet Anammah, and Managing Director/CEO, Thibaut Boidin, delivered a compelling narrative of recovery, resilience, and renewed strategic focus, positioning the company on a path toward sustained profitability and long-term shareholder value.
Addressing shareholders, Anammah reflected on the company’s recent past, describing the rights issue as a pivotal moment that underscored investor confidence and loyalty. She acknowledged that shareholder participation played a critical role in stabilising the company during a challenging financial period.
According to her, “shareholders stood firmly with the company at a defining moment,” noting that their support not only strengthened the balance sheet but also enabled management to execute a structured turnaround strategy.
In her forward-looking remarks, Anammah emphasised that Nigerian Breweries is emerging stronger, with a value proposition that surpasses its position in previous years. She stressed that while the board remains committed to rewarding shareholders through dividends, such distributions would only resume upon the company’s return to sustainable positive earnings.
“Our focus is clear—rebuild value, sustain growth, and ensure that when dividends return, they are backed by strong and consistent performance,” she stated.
Providing deeper operational insight, Boidin described 2025 as a “turnaround year” for the brewing giant. He highlighted significant improvements across key performance indicators, including revenue growth, operating profit expansion, and a return to positive cash flow—an achievement he described as critical in navigating Nigeria’s volatile economic environment.
“We are entering 2026 from a position of strength,” Boidin said, attributing the improved performance to disciplined execution and strategic clarity.
He identified several drivers behind the company’s resurgence, including stringent cost management measures that helped optimise operational efficiency. Additionally, the company intensified its focus on core brands, deploying resources strategically to strengthen market presence and drive top-line growth.
Boidin also pointed to improved macroeconomic conditions, particularly a more stable foreign exchange environment in 2025, as a supportive factor that eased prior financial pressures.
Beyond profitability, he emphasised the importance of liquidity, noting that restoring a positive cash position was a major milestone for the company.
“In a volatile market, cash discipline is not optional—it is essential. The team has done an exceptional job ensuring we are cash-positive again,” he said.
The AGM provided a reflective yet optimistic outlook, with both Anammah and Boidin reinforcing a shared commitment to sustaining the momentum achieved in 2025. Their message to shareholders was clear: Nigerian Breweries is not just recovering—it is being repositioned for stronger competitiveness, improved efficiency, and long-term value creation.
As the company advances into 2026, stakeholders are watching closely, with expectations that its disciplined strategy, strengthened financial base, and focused brand execution will translate into sustained growth—and ultimately, a return to dividend payments.
Nigerian Breweries Chairman Juliet Anammah and CEO Thibaut Boidin highlight a strong 2025 turnaround at the AGM, signalling recovery, improved cash flow, and a strategic path to profitability and future dividends.