Daily Archives: October 31, 2019

Beta Glass maintains growth momentum in nine months with strong boost from Qtr3

Beta Glass Guinea Plant, Agbara, Ogun State

Beta Glass Plc reported 15% revenue growth for the first nine months of its financial year through 30th September 2019.

Sales increased to N21.9bn from N19.2bn in 2018. The third quarter was particularly strong with an N7.5bn rise in sales, a 24% growth.

The company continued to keep costs down with selling and distribution expenses as well as admin expenses declining by 14% and 30% respectively. Operating profit grew by 17% in the nine months to N4.9bn and by 49% in the third quarter alone.

Nwuneli quits Nestle’s Board

Nestle logo

Nestle Nigeria Plc has announced the resignation of one of its Board members.

In a letter released to the Nigerian Stock Exchange (NSE) on 29 October 2019, the food and beverage firm said that Mrs Ndidi Okonkwo Nwuneli, an independent non-executive director of the company has by a letter dated 20 October 2019 informed the Board of her decision to resign as a Director of the Company effective from that date, due to her ongoing fellowship at the Harvard Kennedy School.

Nestle Nigeria sees modest growth in nine months

Nestle brands

Nestle Nigeria Plc reported modest gains in sales and profit for the nine months to the end of September.

The food and beverage giant posted an 11% increase in net profit for the period, helped by a 4% sales growth. Revenue climbed to N211.3bn from N203bn in the previous year. Sales in the third quarter grew marginally by 2% resulting in a quarterly net profit decline of 9%.

The company benefitted from a sharp drop in net finance cost, which fell to N496m from N1.3bn, a 61% decline.

Pernod Ricard unveils Seagrams Imperial Blue Whisky in Nigeria

Pernod Ricard Seagrams Imperial Blue Whisky

Pernod Ricard has introduced Seagrams Imperial Blue whisky brand into the Nigerian market with an aim to further bolster its presence in Sub-Saharan Africa.

The Whisky brand which is a perfect blend of quality grain spirits and imported scotch malts was unveiled at an exclusive launch event before a select audience of consumers, lovers of the brand and media personalities recently in Lagos.

FG officially opens milk collection centre in Kano

milk

The Federal Government on Saturday inaugurated a mini milk collection centre in Tassa Village in Dawakin Kudu Local Government Area of Kano State.

Speaking at the event, the Minister of Agriculture, Sabo Nanono, said that the centre would alleviate the plight of milk sellers and improve their business.