Daily Archives: August 2, 2016

GSK Consumer Nigeria declares N3.7bn net loss in half-year as currency devaluation bites

GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria”) on Friday reported a net loss of N3.7bn for the first-half of 2016, down from N297m in the same period last year.

The company which recently sold its drinks business (Ribena and Lucozade brands) to Suntory Beverage & Foods Nigeria Limited so it can focus on healthcare and pharmaceuticals said that revenue for the period fell 9.6% to N13bn, down from N15bn last year.

AB InBev & SABMiller set Oct 10 deadline to complete merger

AB InBev and SABMiller have set out a timeline for the completion of the “Megabrew” merger. The merger is expected to be finalized on October 10, the companies said in a statement today.

SABMiller’s board recommended the new offer made by AB InBev last week to its shareholders.

One contentious step that will take place in the process is an August 22 court hearing in Britain to determine a proposal made by SABMiller that its shareholders be split into two classes, with each class needing to approve the terms.

Hero Foundation shortlists 120 for training phase of “Kickstart Programme”

Onitsha: Tuesday, July 25, 2016: 120 applicants out of the over 1,700 that applied for the maiden edition of the SABMiller Hero’s Foundation Kickstart programme have been shortlisted for the training and evaluation phase. The training, which will last for a week, will commence on August 7, 2016.

Nestle Nigeria half-year profit fall 94% on high finance cost

Nestle Nigeria Plc on Friday reported a 94% drop in net income to N536m in half-year 2016, down from N8.9bn recorded in the same period a year ago.

However, the maker of Milo, Choco Milo, Nido, Nescafe coffee, among others said that revenue grew 22% to N80bn, up from N66bn recorded in the first-half of 2015.