Champion Breweries posts 7% profit decline in half year as costs rise

BUSINESS
Champion Breweries plc, said that net profit for the six months to the end of June 2018 fell by 6.53% to N80.5m from N86m in the same period in 2017. The Akwa Ibom based brewer blamed the decline on rising cost of selling and distribution expenses, which rose 95% in the period to N347m. The second quarter saw a 127% spike in selling and distribution cost to N226m. The company noted that its revenue declined marginally in the period by 4% to N1.05bn from N1.2bn. Source: products

Int’l Breweries sustains sales growth in first half despite loss

BUSINESS
International Breweries Plc, the Nigerian subsidiary of AB InBev has seen its losses widen in the first half of 2018 to N2.8bn, from N2.2bn in the first quarter. The loss came despite a strong revenue boost of N53bn in the first half. International Breweries has been expanding its product portfolio in the country with the launch of premium beer brand Budweiser in April and the marketing blitz that followed leading up and during the recent FIFA World Cup. The company also announced in November it was constructing a new brewery in Sagamu, soon to be completed at a cost of $250m, as it readies to take on entrenched competitors in the Nigerian beer market – Heineken controlled Nigerian Breweries and Guinness Nigeria majorly owned by Diageo Plc. All of the associated costs have weighed on the c

Borno Remains Indebted To Buhari, APC Until We Secure 1.2 Million Votes For Buhari in 2019….APC Chieftain

AFRICA, AGBOR NEWS, BLOGS, lagos, Local News, News, Newspaper, NIGERIA, politics
The former State Secretary of the defunct All Nigerian Peoples Party (ANPP), Alhaji Yusuf Adamu has said that people of Borno will secure 1.2 million votes for President Muhammadu Buhari for bringing peace to the state, Northeast in general and for o ...Powered by WPeMatico

UAC Foods appoints Oladele Ajayi as new Managing Director

BUSINESS
The Board of UAC Foods Limited has appointed Dr Oladele Ajayi as its new Managing Director. Dr Ajayi holds a PHD in Mechanical & Process Engineering from the University of Strathclyde, United Kingdom and an alumnus of the Advance Management Program of Harvard Business School. Prior to his appointment, Ajayi was the Special Adviser to the Federal Minister of Industry, Trade & Investment as well as a Non-Executive Director of GZ Industries. In 1989, he joined Nigerian Breweries Plc as an Assistant Brewer and following several roles in technical, marketing and sales, both in Nigeria and overseas, was appointed Sales Director of Nigerian Breweries Plc. Thereafter, he was appointed Managing Director of Heineken Hungary and later Managing Director, Central and East Africa sub-regions for...