BUSINESS

Cadbury Nigeria falls back into loss amid rising cost

BUSINESS
Cadbury Nigeria Plc, reported a net loss of N424m for the first six months of 2018, hurt by rising cost. The Bournvita maker which emerged from a loss position at the end of 2017 said that a high selling and distribution expense and high net finance cost (Bank interest charges) erased all gains made in the period under review. Despite the loss, the company recorded 8% sales growth in the six months to the end of June, helped by sales acceleration in the second quarter, which grew 14% to N9.3bn. Source: products

Beta Glass sees growth acceleration continue in the second quarter

BUSINESS
Beta Glass Plc reported a strong first half in 2018, a continuation of the growth acceleration begun in the first quarter. The company saw revenue growth of 49% to ₦13.1bn, driven by a 54% sales surge in the second quarter to ₦6.7bn. The company which makes glass bottles and containers for the beverage industry and others said that net profit grew by 67% to ₦2.4bn in the six months to the end of June due in part to a 125% increase in Operating Profit in the second quarter to ₦1.5bn, thanks to improved cost efficiencies and a 158% gain in interest income as well as an appreciable net finance income. Net profit in Q2 rose 98% to ₦1.3bn. Source: products

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

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...
Olympic milk renews music crooner Peter Okoye’s Ambassadorial Contract

Olympic milk renews music crooner Peter Okoye’s Ambassadorial Contract

BUSINESS
Olympic milk brand has announced the extension of music crooner Peter Okoye’s Ambassadorial contract for the fourth year. This was disclosed recently at the official signing ceremony at PZ Cussons head office in Ilupeju, Lagos Speaking on the contract renewal, PZ Cussons Managing Director, Commercial, Mr Alex Goma, stated that the contract signing “signifies the continuation of Peter’s activities as Olympic brand ambassador, a position which will among other things see him champion the cause for a healthy and active lifestyle and also represent the brand at different levels.” “It is a pleasure to continue working with Peter knowing that there is a perfect synergy between him and the Olympic brand. We are happy to give consumers a brand that helps them keep fit, stay active for longer and a

La Casera unveils ‘Full Option SKUs’ of famous Apple drink as it marks International Fruit Day

BUSINESS
The La Casera Company (TLCC) has announced the launch of ‘Full Option SKUs’ of its famous apple drink. The soft drinks company said that the unveiling of different sizes of the same product is to ensure that everyone can enjoy premium apple at affordable prices. According to the firm, the flagship brand (La Casera Apple drink) is now available in 35cl, 50cl and 60cl PET bottles. The unveiling of the Full Option SKUs took place as the company marked the “International Fruit Day”, a day dedicated for people to share the benefits of fruits to family, friends and the needy as a symbol of love and joy. It is a day set aside to promote positive living conditions amongst people of different creeds, beliefs and way of life. The company noted that La Casera Apple drink is made with 5% real apple ju

A crackdown in Zimbabwe exposes the instability of the Mnangagwa regime

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
Who ordered this? IN THE early hours of August 5th four men broke into a house in eastern Zimbabwe known to be home to activists for the MDC Alliance, the country’s main opposition bloc. They dragged the husband and wife outside before beating them with sticks on their back and buttocks. Two of the assailants took turns raping the wife; the other two raped the husband. All the while the children of the couple watched. After holding peaceful elections on July 30th Zimbabwe has again descended into violence. At least six people were killed on the streets of the capital two days after the vote. Since then human-rights groups have recorded more than 150 alleged cases of abuse against opposition supporters (including that of the husband and wife above), most seemingly at the hands of soldier

Is the Western Wall falling down?

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
Between a rock and a holy place EVER since the Roman army tried to topple it in the 1st century, knocking a few slabs from the top, the Western Wall in Jerusalem has remained largely intact. A relic of the second Jewish temple, most of which the Romans did destroy, the wall attracts thousands of Jewish worshippers each day. One called Daniella Goldberg was standing in front of it when a big slab of the wall came crashing down next to her on July 23rd. Ms Goldberg was unharmed, but engineers were left wondering if worse is to come. Several explanations have been put forward as to why the slab broke off. Rainwater erosion and recent seismic activity may have loosened the wall’s stones. A study done in 2014 found that some parts of the wall were eroding much faster than others. Vegetation

Saudi Arabia picks a pointless fight with Canada

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
QUEBEC’S proudly Francophone separatists may want to learn some Arabic. On August 5th, as Canadians enjoyed a long weekend, Saudi Arabia abruptly expelled their ambassador and froze bilateral trade and investment. Its state-run funds have reportedly been ordered to dump their Canadian assets, no matter how much it costs to do so. The kingdom is angry about tweets from Canada’s foreign minister, Chrystia Freeland, criticising the arrests of Saudi human-rights activists. For Saudi Arabia, this was unacceptable “foreign interference”. If anyone is qualified to opine on meddling abroad, it is the Saudis. Since 2011 they have helped quash an uprising in Bahrain, backed a coup in Egypt and detained Lebanon’s prime minister. If Canada keeps up its criticism, “we are allowed to interfere in Can