Daily Archives: April 30, 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.