Monthly Archives: April 2019

Heineken, China Resources finalize transactions to form strategic partnership in China

Heineken N.V. announced on Tuesday that it has met all regulatory requirements to enter into a strategic partnership with China Resources Enterprise Limited (CRE) and its holding company China Resources Beer Holdings Co. Ltd (CRH Beer Ltd) in a deal first announced in August 2018.

Nestle Nigeria’s Q1 profit rise 49%

Nestle Nigeria Plc on Tuesday reported a 49% increase in net income for the first quarter of 2019. Profit rose to N12.8bn from N8.6bn, driven by a reduction in finance cost to N469m from N1.1bn, a 60% decrease as well as a 79% gain in finance income, which rose to N504m from N281m.

Champion Breweries rebounds to profit in first quarter on strong sales growth

Champion Breweries Plc announced on Monday a 63% growth in net profit for the first quarter ending 31 March 2019. The company said that profit grew to N110m from N67.4m in the previous year, driven by a strong revenue growth of 61.3% to N1.8bn from N1.12bn.

The company which makes the Champion Lager beer and Champ Malt as well as serve as a contract manufacturer for Nigerian Breweries Plc saw a 53% rise in cost of sales to N1.2bn from N803m. Gross profit climbed a whopping 81% to N591m.

Guinness Nigeria marks 69th Anniversary in Nigeria

Guinness Nigeria Plc on Monday celebrated its 69th year Anniversary operating in Nigeria. The company which is a subsidiary of British-based Diageo Plc spoke on how it has been contributing to the economic and societal development of the nation for nearly seven decades.

Monument Distillers launches Four Cousins wines in Nigeria

Monument Distillers Nigeria Limited, the newly formed Nigerian unit of Kensington Distillers & Vintners Ltd announced it has acquired the exclusive distribution rights for Four Cousins Wine in Nigeria. Four Cousins is South Africa’s biggest selling bottled wine brand.

Commenting on the launch, Ajay Malhotra, Managing Director, Monument Distillers Nigeria Limited, said “We are thrilled that Monument Distillers will be adding Four Cousins Wine to our growing portfolio of international brands which help fulfil Nigerian consumers’ demands for a broader range of quality products to choose from.

Coca-Cola prepares to launch Coca-Cola coffee blend

Coca-Cola has announced plans to make a push into coffee with the launch of Coca-Cola coffee later this year.

The company will unveil the new drink in more than 25 markets around the world later in 2019.

Commenting on its plans, Coca-Cola CEO, James Quincey, said: “Coke Coffee was designed to reach consumers during specific occasions and channels like the mid-afternoon energy slump at work.”

Cadbury Nigeria off to a strong start in 2019 on higher sales, steep drop in net finance charge

Cadbury Nigeria Plc got off to a strong start in 2019 with a 2,200% jump in net profit in the first quarter, driven by higher sales and lower finance charge.

The Bournvita maker said that first quarter sales grew by 13% to N9.2bn from N8.2bn in the previous year.

Gross Profit grew 32% to N2.4bn, while Operating Profit jumped 236% to N714m from N213m. Finance cost fell sharply by 87% thus providing a boost to net income which rose to N507m from N22m in 2018.

Guinness Nigeria reports 4% revenue decline amid low beer sales, impact of new excise duty

Guinness Nigeria Plc said on Thursday that net sales for the third quarter and nine-months to the end of March declined by 4% respectively. The company recorded N33.6bn in net sales in the third quarter and N101.4bn in nine months.

Nigerian Breweries posts further profit decline in Q1 as new excise duty rate increase bites

Nigerian Breweries Plc, on Wednesday reported a net profit decline of 21.3% for the first quarter of 2019, impacted by the new excise duty rate increase that came into effect in June. Net earnings fell to N8bn from N10.2bn earned in the same period in 2018.

Excise duty rate increased by 48.2% from the same period in the previous year thus shaving-off N8.1bn from sales revenue as compared to N5.5bn. Total Net Revenue grew by 3.3% to N82.3bn from N82.9bn in 2018.

Heineken sees increased beer volumes in Q1, with growth across all regions

Heineken N.V said on Wednesday that beer volumes in the first quarter grew 4.4% to 52.7 million hectoliters, with growth seen across all regions.

The company said that brand Heineken® saw 8.9% growth with double digit boost coming from Brazil, South Africa, Russia, China, the UK, Nigeria, Mexico, Romania and Germany.