Shell Energy Entrepreneurs banner Yudala banner
Nigerian Breweries preaches confidence in Nigerian economy despite present difficulties

By News Express on 06/05/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 3,581


Nigerian Breweries (NB) Plc has expressed commitment to the development and growth of the country’s economy in spite of the challenging operating environment.

Mr Nicolaas Vervelde, NB Managing Director, disclosed this on Thursday at the company's 2015 pre-Annual General Meeting media briefing in Lagos.

Vervelde said that favourable demographic profile, growing middle class and rising urbanisation made the country thick for good investment opportunities despite falling oil prices and foreign exchange challenges.

He said that the company would remain committed to the development and growth of the country through investment in education and youth empowerment, among others.

Vervelde explained that the company was ready and poised to exploit arising opportunities in the country despite the tough operating environment.

He expressed optimism that the company would maintain its leadership position in the industry with strong innovation agenda, strong brand portfolio and cost leadership focus.

The managing director said that 2015 financial year was a very challenging year due to elections/transition period, forex challenges, insecurity, falling oil prices and rising inflation.

Vervelde said that the challenges and unpaid salaries by many state government reduced purchasing power by 18 per cent in 2015.

He said that the company was able to deliver good results and return on investment due to cost leadership and market leadership supported by strong innovations.

Vervelde said that 21.5 per cent of the company’s 2015 revenue came from innovations which led to introduction of new products into the market.

The managing director said that the company was looking toward ensuring that 60 per cent of its raw materials were sourced locally by 2020, noting that the target would be accomplished before the deadline.

He pointed out that the company had concluded the integration of two operating companies following the merger with the dissolved Consolidated Breweries Plc.

The News Agency of Nigeria (NAN) reports that the company, for the financial year ended Dec. 31, 2015, posted a turnover of N293.9 billion from N266.4 billion achieved in the comparative period of 2014; an increase of 10.3 per cent.

Its profit after tax dropped by 10.5 per cent to N38 billion from N42.5 billion in 2014.

The company’s operating profit stood at N62.30 billion against N66.9 billion in the preceding period of 2014, a decrease of 6.3 per cent.

The company, in spite of the challenging environment, recommended a total dividend of N38.06 billion which translated to N4.80 per share against N37.2 billion (N4.75 per share) declared in 2014. (NAN)

•Photo shows NB Managing Director, Nicolaas Vervelde. 

Source News Express

Posted 06/05/2016 05:20:36 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
200,000 TV households to get free Set-Top Boxes...

Open Letter to President Muhammadu Buhari on Chibok...

Madman storms primary school; kills 2 pupils, injures...

Nigeria Receives Approval for Additional CIF $50 million...

Barrow drops hint on when he’ll return to...

Mandela’s grandson, Mandla, slammed with criminal charges

Group mobilises for bank boycott over new bank...

Doctor arrested for removing patient’s kidney

Boko Haram kills 8 outside Maiduguri

Senate promises holistic national reform

Court overrules FG, orders neutral place for Dasuki...

Obaseki in Indonesia for strategies to revamp agriculture,...

 

Latest News Gas explosion kills Rotary Club President Manufacturers seek patent for generator that does not use fuel or gas UN Security Council may over-rule US on Jerusalem SERAP queries Buhari over $1bn Boko Haram fund Taraba Governor raises alarm over plan to attack state The highest bidder won 2017 Anambra governorship election — South East CLO •Says democracy in danger Tinubu declares opposition dead in Oyo State PDP, APGA bicker over court verdict on Anambra Central Senate seat ‘Love Jihad’: Outrage as Indian court issues tough guidelines on religious conversions, inter-faith marriages Prof. Akin Oyebode’s ‘Exogural’ at 70, By Tony Iyare Buhari at 75: Why God kept him alive, By Femi Adesina ECOWAS Heads of State meet in Abuja

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (302,070 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (286,887 views) Shameless Genevieve Nnaji exposes breasts in public (231,668 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (194,081 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,841 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (171,031 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,803 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,853 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (131,114 views) Lagos plane crash: Journalist releases victims’ names (119,542 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,888 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,757 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,825) Business Verdict (30) Columnists (779) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (421) Features (528) Global Business Monitor (198) International (1,694) Interviews (138) Live Commentary (28) Love Matters (93) News (31,088) Opinion (845) Pidgin (9) Politics (4,227) Religion (654) Sports (1,382) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!