Daily Archives: November 1, 2016

Nigerian Bottling Company commissions Community Centre in Owa, Enugu

November 01, 2016   Editor   No comments

Nigerian Bottling Company (NBC), the bottler of Coca-Cola products in Nigeria has built and commissioned a community centre in Ogwofia Owa community in Ezeagu Local Government Area of Enugu State. The commissioning which took place on 19th October was attended by top State Government officials, community leaders and various youth and women groups.

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International Breweries losses grow as naira weakness persists

November 01, 2016   Editor   No comments

Naira weakness due to ongoing currency devaluation continues to hamper the performance of Nigerian manufacturers. International Breweries Plc, the brewer formerly owned by SABMiller Plc reported a net loss of N1.9bn for half-year (Apr – Sept), further widening its losses. In the first quarter of 2016, the brewer incurred a net loss of N1.7bn.

The Ilesha-based brewer known for its Trophy Lager, among others said that despite a strong quarter finish, where sales surged 33% to N13.5bn, from N10.1bn in the previous year, a 305% spike in foreign exchange loss to N99m, from N24m and a 455% jump in net finance cost to N4.4bn, from N790m erased all gains.

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Currency weakness, inflation push 7-Up to half-year loss

November 01, 2016   Editor   1 Comment

Soft drinks maker, 7-Up Bottling Company said on Monday that currency weakness related to the recent Naira devaluation led to higher cost of goods sold and higher selling and distribution expenses, resulting in a half-year loss . The bottler of Pepsi-Cola declared a net loss of N1.6bn.

Seven-Up said that sales grew 19% to N47bn despite the macroeconomic challenges. In the previous year, revenue was N40bn. However, a 26% jump in cost of sales to N38bn, from N28bn plus a 26% rise in selling and distribution expenses all weighed on the soft drink maker’s earnings.

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