With the success of its right issues coupled with the return to profitability in the last quarter of 2024, Nigerian Breweries (NB) Plc has assured of improving its financial position as well as sustainable value creation for its shareholders.
The Board chair of Nigerian Breweries, Juliet Anammah made this assurance at the Company’s 79th Annual General Meeting, held virtually.
She emphasised that Nigerian businesses are hopeful of building on the momentum of the last quarter of 2024, saying that stability in economic policies and declining interest rates are expected to create a more favourable investment landscape.
She stated the positive impact of the decisive actions taken by the Company to address the economic and business realities of 2024.
Anammah said, “although the company did not pay dividends in the year under review, the net profitability achieved in the last quarter of the year is a step in the right direction and reflects the successful execution of our business recovery plan in 2024. This places the company on a path that will lead to the resumption of dividend payments shortly.”
She added, “with the success of the rights issue and the return to profitability in the last quarter of 2024, we are confident that Nigerian Breweries is on the right track to improving its financial position and ensuring sustainable value creation for shareholders and other stakeholders.”
Expressing optimism about an increase in consumer spending in 2025, Anammah emphasized that the company is prepared to strengthen its market leadership by seizing growth opportunities, despite the highly competitive environment in the commercial beverage sector.
Meanwhile, shareholders applauded the Board and Management for their efforts to return the company to profitability despite the challenges facing the Nigerian economy.
Speaking on behalf of shareholders, Ahmed Batula praised the Board for navigating the company through a turbulent period and aiding its return to profitability. He remarked that the Board has shown significant capability by effectively reducing both local and foreign debts using the capital raised from the rights issue.
Another shareholder, Robert Ibekwe, underscored the importance of continued efficient management to expedite the return to dividend payments for shareholders.
Siyanbola Adetutu, a shareholder, commended the company for promoting gender diversity at both the Board and Management levels.
