Monthly Archives: October 2016

Punch, Guardian reporters win big at the 8th Annual Nigerian Breweries Golden Pen Awards

The search for the best journalist in Nigeria came to a glorious end on Friday, 28th October at an elaborate event at Eko Hotel & Suites, Victoria Island, Lagos as Tobi Aworinde, a Punch reporter won the coveted prize as the 2016 Nigerian Breweries Golden Pen Awards Reporter of the Year.

Coke to end bottling deal with Zimbabwe’s Delta Beverages

Atlanta-based Coca-Cola Company (TCCC) has given notice of its intent to terminate the bottler’s agreement it has with Delta Beverages Limited, Zimbabwe’s largest brewer.

Currency headwinds dampen Nestle Nigeria’s 9-months profit

Nestle Nigeria Plc, said that recent devaluation of the Naira and subsequent revaluation of outstanding foreign loans had an adverse effect on its earnings for the 9-months ending 30 September.

Guinness Nigeria losses worsen despite revenue growth

Guinness Nigeria Plc on Friday reported a net loss of N2.2bn in its first quarter results ending 30th September, further worsening its financial condition. The brewer which has been hard hit by the recession cited higher input costs, unfavourable currency translations with regards to Naira devaluation and unavailability, and a weak consumer spending which has shifted its preference towards value brands.

AB InBev stumbles as profit falls on acquisition costs, currency translations

Brewing giant AB InBev said on Friday that net profit for the first 9-months of 2016 fell 86% to $842m, from $6bn it earned last year. Similarly, profits earned in the third quarter dropped nearly 60% to $557m, from $1.38bn in the preceding year. The company’s stock fell by as much as 6%, the most since June. The brewer put the blame on acquisition costs associated with its merger with SABMiller, unfavourable currency exchange losses, and a slowdown in Brazil, its second biggest market.

Beta Glass sustains profitability as 9-months profit soar 81%

Beta Glass Plc, the glass container and metal crowns company on Thursday reported a profit surge of 81% for the first 9-months of 2016, rising to N2.9bn, from N1.6bn in 2015.

Despite the macroeconomic difficulties hampering the activities of some of its trading partners, Beta glass said that revenue for the 9-months ending 30th September grew 16% to N13.3b, from N11.5bn in the preceding year.

Nigerian Breweries profit slumps 23% in 9-months amid challenging macroeconomic conditions

Nigerian Breweries Plc on Wednesday reported a 23% drop in profit to N20bn in the 9-months to September 30 2016, from N26bn it made in the previous year. It blamed the decline on skyrocketing net finance cost of 95% which shaved N10bn off the company’s operating profit compared to the N5.2bn it spent on finance cost in 2015.

Coke suffers third Quarter profit decline on foreign currency related headwinds

Atlanta-based Coca-Cola on Wednesday reported a 7% drop in revenue for the third quarter ending September 30, 2016 to $10.63bn from $11.4bn in the previous year, impacted by a foreign currency exchange headwind of 2% and headwinds from acquisitions, divestitures and structural items of 8%.

Heineken reports lower profit in 9-months despite 2% volume growth

Heineken N.V. said on Wednesday that net profit for the 9-months to the end of September fell 30% to €1.239bn, from €1.776bn it made in the preceding year. The decline was as a result of a one-time book gain of €379m it made from the sale of EMPAQUE, a Mexican packaging operation which boosted 2015 sales.

Uber Self-driving truck makes its first beer delivery

Wonders, they say will never cease! A tractor trailer filled with Budweiser beer cans drove itself down a stretch of highway (I-25) last week in the U.S. State of Colorado.

Uber Technologies, the company behind the self-driving truck teamed up with Anheuser-Busch InBev (AB InBev) to make the self-driving beer run in a tractor trailer.