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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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Despite facing these challenges, the company has managed to return to profitability, as confirmed by the management during a pre-AGM media briefing held in Lagos. However, it was also disclosed that there would be no dividend payout to shareholders at the upcoming AGM. Instead, the company plans to reinvest funds in strengthening its financial position and sustaining its long-term growth strategy.

Speaking at the event, the Managing Director/Chief Executive Officer, Mr. Hans Essadi, expressed confidence in the company’s resilience and emphasized that bold strategic decisions have played a significant role in the company’s return to profitability despite challenging operating conditions. Essadi highlighted the implementation of a Business Recovery Plan (BRP) at the start of the year as a crucial step towards future-proofing the company’s operations and restoring profitability.

One of the major successes under the BRP was the rights issue of ₦599.1 billion, which was fully subscribed, significantly strengthening the company’s capital base. As a result, Nigerian Breweries PLC has now achieved a valuation exceeding ₦1 trillion, marking a major milestone in its corporate history. Essadi commended shareholders for their unwavering support, acknowledging their commitment to stabilizing the company’s financial health.

Looking ahead, the company sees alternative financing as the best strategy to navigate economic headwinds and ensure sustainable growth. Essadi reaffirmed the company’s commitment to delivering long-term value to its shareholders and stakeholders, emphasizing the instrumental role they have played in the company’s journey towards financial stability.

The upcoming virtual AGM is expected to focus on the company’s financial strategy, cost optimization, and measures to ensure operational efficiency. Shareholders and industry analysts will be closely watching how Nigerian Breweries PLC leverages its new capital structure to drive expansion and maintain its leadership in the brewing sector.

In nutshell, Nigerian Breweries PLC’s decision to explore alternative financing options reflects its proactive approach towards addressing financial challenges and sustaining long-term growth. The company’s focus on strengthening its financial position, leveraging its new capital structure, and delivering long-term value to shareholders demonstrates its commitment to operational excellence and strategic planning.

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