Nigerian Breweries Plc, Nigeria’s foremost brewing company, has reported a strengthened financial position in the first half of 2026.
The company emerged debt-free with improved cash generation, positive retained earnings, and a stronger balance sheet.
This achievement follows a significant recovery from the challenges faced in previous financial years.
The Finance Director, Maria Karaseva, disclosed this during her presentation at the company’s investor call held on Friday, August 28, 2026.
According to Karaseva, the company recorded net revenue of over ₦1 trillion. It maintained an asset base of approximately ₦1 trillion over the last six months. This reflects continued business recovery and stronger financial resilience.
She noted that the company increased its cash performance by 264%. It generated ₦73 billion in net free operating cash flow, compared with the corresponding period in 2025.
According to her, this improvement enabled the full repayment of outstanding loans and closed the reporting period with zero borrowings.
She further stated that the company’s productivity programme contributed significantly to the improved performance.
The programme delivered ₦76 billion in productivity gains and expanded the gross profit margin by two percentage points.
These operational improvements, according to her, helped cushion the impact of inflation and the Middle East crisis. They also supported an 18% year-on-year increase in profit before tax.
Speaking further on the company’s financial performance, the Finance Director stated that the results demonstrate the effectiveness of deliberate financial discipline.
She cited stronger working capital management, and sustained productivity initiatives across the business.
She explained that the productivity initiatives implemented across the business generated substantial value. This helped the company absorb inflationary pressures while strengthening profitability and liquidity.
“Our focus throughout the period was to strengthen cash generation and build a more resilient financial position,” she said.
“By improving our cash conversion, managing working capital more efficiently, and translating productivity gains into cash, we generated ₦73 billion in net free operating cash flow.”
“We fully repaid our loans, and returned retained earnings to positive territory.”
“This represents a significant milestone in our recovery journey.”
Looking forward, she affirmed the company’s commitment to sustaining disciplined cash and cost management.
She also emphasized driving volume and revenue growth.
She highlighted the importance of reducing foreign-exchange exposure, improving productivity and innovation, and mitigating inflation through stronger operational performance.
“Our productivity programme delivered ₦76 billion in gains, which helped offset the impact of Middle East-related inflation in Nigeria,” she added.
“It improved our gross profit margin by two percentage points.”
“More importantly, those gains translated into stronger cash flow, giving us the capacity to eliminate our borrowings and significantly improve the health of our balance sheet.”
