Monthly Archives: February 2018

Nigerian Breweries records 16.3% profit rise at year end despite continued low consumer confidence, inflationary pressure

February 19, 2018   Editor   No comments

Nigerian Breweries Plc, said on Thursday that net profit for the full year 2017 grew 16.3% to ₦33bn ($91.6m). Revenue in the same period rose 9.8% to ₦344.5bn ($957m) from ₦313.7bn in 2016.

The company which is the Nigerian unit of Amsterdam-based Heineken NV said that despite improvement in the foreign exchange market, double-digit inflation continued to impact both businesses and consumers. However, it was able to deliver improved results through continuous focus and execution of its twin agenda of Cost Leadership and Market Leadership supported by Innovation.

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PepsiCo sees flat sales and earnings slump in full year as firm struggles with beverage sales

February 18, 2018   Editor   1 Comment

PepsiCo reported a sharp drop in earnings for the full year 2017 by 23% to $4.9bn, blamed on a host of factors including sales decline in its North America Beverages business unit and Quaker Foods North America business segment plus a $2.5bn one-time charge related to the new U.S. tax laws.

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Senate seeks FG intervention to halt downward review of import tariff on milk powder

February 16, 2018   Editor   No comments

The Senate has condemned the downward review of import duty on milk powder by the Federal Government from 10% to 5%.

The Upper House of the National Assembly went further to request its committees on Agriculture, Finance and Customs Excise and Tariff to investigate the ministries, departments and agencies involved in the reduction.

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UACN to liquidate Warm Spring Waters Nigeria Limited

February 16, 2018   Editor   No comments

United Africa Company Nigeria Plc (“UACN Plc”), a diversified conglomerate and one of Nigeria’s oldest companies announced on Thursday that it will wind up the assets of one of its subsidiary businesses, Warm Spring Waters Nigeria Limited, makers of ‘Gossy’ Table Water based in Ikogosi, Ekiti State.

The company cites weak operational performance due to problems associated with the rural location of the plant at the source of the spring water, logistical challenges, 100% reliance on company-generated power and a difficult operating environment as reasons to shut the business.

Warm Springs Waters commenced business in 2002 in Ikogosi, Ekiti State, in partnership with the Ekiti State Government and some private investors to produce premium quality spring water under the ‘Gossy’ brand.

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Heineken toasts full year 2017 results

February 14, 2018   Editor   No comments

Heineken N.V cheered its full year results for 2017 as it reported a 5.37% (5% organic) rise in revenue to €21.9bn. Profits in the same period jumped 7.1% to €2.2bn from €2.09bn in 2016.

Commenting on the results, Jean-Francois van Boxmeer, chief executive officer, Heineken NV said, “We delivered strong results in 2017, with all regions contributing to organic growth in volume, revenue and Operating Profit.” Beer volumes grew 3%, with the “Heineken” beer brand growing 4.5% per hectoliter. The company said that revenue per hectoliter in all regions improved except for Asia Pacific due to negative mix effects.

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7-UP receives regulatory approval to delist shares from NSE

February 12, 2018   Editor   No comments

Seven-Up Bottling Company Plc has received approval from the Nigerian Stock Exchange (NSE) to delist its shares from the Exchange following the submission of an application it made to the Exchange, seeking to delist its shares and end its 32 years on the big board. The company was first listed on the Exchange in 1986.

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Pinkberry Frozen Yogurt opens stores in Nigeria

February 11, 2018   Editor   1 Comment

Eat N’ Go Limited on Wednesday announced the launch of Pinkberry, a famous frozen yogurt brand with origins in Los Angeles, California into the Nigeria market. Presently located at Admiralty way Lekki Phase 1 and Aromire Street, Ikeja, Lagos, the new brand promised to bring light, refreshing and craveable frozen yogurt experience to Nigeria.

“We are excited to finally serve a distinctly light and refreshing taste of frozen yogurt in Nigeria,” said Aaron Serruya, President and CEO of Pinkberry International.

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Pepsi to step-up marketing campaign in 2018

February 10, 2018   Editor   1 Comment

Pepsi, a major brand under the care of the 7Up Bottling Company Nigeria, has said it is going to leverage technology to drive its aggressive marketing this year, with the hope of increasing its share of the Nigerian market.

The brand said its unique marketing in 2017 gave it an edge over its competitors, citing the ‘NoShakinCarryGo’ campaign, which was launched at the Lekki Tollgate on 11 August, 2017.

A few weeks before then, the brand had announced that Pepsi 50cl PET bottle price was been reduced to N100 with the #NoShakinCarryGo campaign (in Lagos and Ibadan).

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NFF, Nigerian Breweries officially seal partnership deal for the Super Eagles

February 10, 2018   Editor   No comments

Nigerian Breweries Plc, makers of Star Lager and Amstel Malta among others have officially signed a partnership deal with the Nigerian Football Federation (NFF).

The deal which was signed on Friday in Lagos is for five years and worth N2.2bn. In addition, it would see Star Lager become the official alcoholic drink of the Super Eagles, while Amstel Malta, the official malt drink of the NFF and the National teams including to this year’s FIFA World Cup – bound Super Eagles.

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Nestle opens new N4.1bn Milo RTD factory in Ogun

February 09, 2018   Editor   2 Comments

Nestle Nigeria Plc on Thursday opened its new Milo Ready-to-drink (RTD) factory in Agbara Industrial Area, Ogun State.

The new factory is said to have cost N4.1bn.

The Vice President of Nigeria, Yemi Osinbajo commissioned the new plant which is part of the company’s existing factory at Agbara for the past 37 years.

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