Daily Archives: July 1, 2019

Coca-Cola gets approval to sell its Energy drinks

July 01, 2019   Editor   No comments

Coca-Cola has received approval to market its new trademark energy drink across the globe. The soft drinks giant and Monster Beverage Corp announced on Monday in a joint statement that the arbitration tribunal looking into whether Coca-Cola violated the terms of a 2015 agreement with Monster not to sell its energy drink as it would put the company in direct competition with Monster ruled that Coca-Cola can continue to sell and distribute Coca-Cola Energy, including in markets where it has already been launched and is free to launch the product in new markets globally.

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International Breweries records full Year loss of N3.8bn in 2018

July 01, 2019   Editor   No comments
beer

International Breweries Plc, the Nigerian unit of Belgian brewer Anheuser-Busch InBev on Monday announced a loss of N3.8bn for the 12 months through December 2018. This is despite recording strong revenue growth of 230% to N120.6bn. The growth was fueled by the launch of its new brewery in Sagamu, Ogun State as well as a strong marketing push by the company.

The company said that higher cost of sales, a rise in finance cost, in addition to foreign exchange loss were partly to blame for the full year loss. Cost of sales grew by 221% N73.2bn, while Interest expense on borrowings rose by 303% to N15.9bn, from N3.9bn in the previous year, and foreign exchange loss climbed by 29% to N3.1bn.

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