International Breweries Plc posted yet another loss for the last quarter of the year.
The brewing company which is a subsidiary of Anheuser-Busch InBev (AB InBev) posted a net loss of N9.2bn in Q4 2019, bringing its total losses for the year to N27.9bn. In the same period in 2018, the company’s total loss was N4bn.
International Breweries Plc (IB Plc) has announced the listing of additional 18.266bn ordinary shares on the Nigerian Stock Exchange (NSE).
The additional shares are from its recent rights issue of 18.266bn Ordinary Shares of 50 kobo each at N9 per share.
With the new listing, the company’s total issued and fully paid-up shares has now increased from 8.595bn to 26.862bn ordinary shares of 50 kobo each. This translates to N164.39bn in market capitalization.
International Breweries Plc (“IB PLC”) announced on Sunday that its N165bn rights issue will close on Tuesday 24th December 2019.
In a statement from the brewing company, it said that it has received the express approval from its shareholders and relevant agencies of government including the Security and Exchange Commission.
The application list for its rights issue was first launched on 5th December 2019. The exercise will see Anheuser-Busch InBev, the majority shareholder in IB Plc invest an additional N124bn ($341m) in the Nigerian subsidiary.
International Breweries Plc, the Nigerian unit of global brewer, Anheuser-Busch InBev has announced the resignation of its Managing Director, Annabelle Degroot and Finance Director Mr Zuber Momoniat effective 31 December 2019.
In a statement released by the company, it said that Degroot will be moving into a new role in Europe within the AB InBev Group.
Vice President Yemi Osinbajo has lauded International Breweries Foundation, the social investment vehicle of International Breweries Plc, for awarding grants of over N73 million to 90 deserving young entrepreneurs through its Kickstart initiative. The landmark award ceremony took place on Thursday, 28 November 2019, at the Edmark Centre in Lagos.
Budweiser, a premium brand of International Breweries Plc, a proud member of the AB InBev family has concluded plans to sponsor top-performing sales staff and distributors to watch select European Premier League matches as a way of rewarding and appreciating them for their hard work and commitment.
The company is rewarding a total of 54 persons for their performance in the recent financial year and to encourage them to do better.
Anheuser-Busch InBev (AB InBev) is said to have committed to investing more than N123bn in its Nigerian operation.
According to a report by the Nations’ Newspaper, sources at the weekend said AB InBev was in support of the rights issue planned by International Breweries Plc, its Nigerian subsidiary and had committed to participating fully in the new capital raising exercise.
The capital raising comes on the heels of growing debt at the brewing company as it seeks to grow its presence in the Nigerian beer market and take market share from its rivals, Nigerian Breweries Plc and Guinness Nigeria Plc. The company recorded a net loss of N4bn in fiscal year 2018 and the losses have continued into the first-nine months of 2019, recording N16.4bn in net loss.
International Breweries Plc said it plans to raise N165bn ($457.7m) in a share sale as it seeks to pay down mountain debt and reverse losses.
According to a Friday report by Bloomberg, current shareholders of the company may get share offers in November if the company gets clearance from Nigerian regulators, the company said in an email presentation on Thursday.
The company’s losses hit N16.4bn in the nine months through the end of September, from N7bn in the previous year, primarily driven by high finance cost.
International Breweries Plc on Monday reported yet another dismal result for the nine months to the end of September.
The brewing company posted a staggering N16.4bn in net loss for the periods of January through September ending, a 130% increase from last year when it incurred a net loss of N7.1bn. The firm recorded N9.6bn of its losses in the third quarter, a 124% increase from the previous year.
This is despite posting a 17% increase in sales in the nine months to N97.2bn. The growth, however, slowed down in the third quarter with a 5.5% decline in sales.
Brewers in the country have called on the Federal Government to review its position on the excise duty increase that took effect in June 2018 as it is severely impacting their operations.
As quarterly results trickle in, one complaint has remained constant, the impact of the new excise duty on revenue and profits.
