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Focus on improving efficiencies lifts Nigerian Breweries nine-Month results

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Nigerian Breweries Plc (“NB”), the country’s largest brewer said on Thursday that sales for the nine-months to September ending grew 14% to N255bn ($700m). In the same period in 2016, the firm recorded revenue of N223bn ($614m). The company which is a unit of Amsterdam-based Heineken N.V. said that changing market dynamics resulted in increased costs and expenses. The firm’s cost of sales jumped 18.1% in the nine months to September and 15.2% in the third quarter alone. While the company’s overall net finance cost dropped 23%, it spiked 47% in the third quarter to N2.6bn ($7.1m) resulting in a 75% drop in third quarter profit. Despite the challenges, the company’s nine months earnings grew 19.31% to N24bn ($66m), from N20bn ($55m) in the previous year. NB noted that a continued focus on in

Coca-Cola to spend $90m in Kenya to broaden product offerings

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Coca-Cola Company (TCCC) plans to invest up to $90-million in Kenya over the three years through 2018 to increase its product offerings in the region’s biggest economy, the soft drinks maker said on Tuesday. Coca-Cola, which is the leader in the Kenyan soda market with brands like Coke and Fanta, has committed to invest $17-billion in Africa as a whole since 2014, double what was invested in the continent a decade before, the company said. The group, which faces growing competition in Kenya from other soft drinks producers like SABMiller and PepsiCo, said on Tuesday it will produce a wider range of soft drinks in the country from 2018 but did not give details. “It brings the total investment by The Coca-Cola Company in Kenya, between 2016 and 2018, to $90-million,” Coca-Cola said in a

Heineken Nine months sales boosted by emerging markets

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Amsterdam-based Heineken N.V. reported its nine months results to the end of September on Wednesday, with revenue climbing 2.5%, driven by growth in all regions except Europe and the United States. The company said that beer volume grew 3.4%, driven by growths in Brazil, South Africa, Russia and Mexico. Net profit for the period rose 19.94% to €1.49bn ($1.75bn) compared to €1.239bn recorded in the same period last year when the company had to take an asset impairment charge of €233m in the Democratic Republic of Congo (DRC). Regionally, Africa, Middle East & Eastern Europe saw 8.8% volume growth, driven by double-digit volume gains in South Africa and Ethiopia, which offset declines of mid-single digit in Nigeria. Heineken said that underlying trading conditions remain difficult in Nigeria

Reps, agency heads, NBC disagree on additives in soft drinks

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The National Agency for Food and Drug Administration and Control (NAFDAC), said on Monday that it does not have the capacity to carry out tests on all foods and drinks produced or imported into the country in order to certify them healthy for human consumption before their release into the market. The agency also said that some additives and preservatives such as benzoic acid, sunset yellow and others, used in drinks produced or imported into the country were safe for human consumption. The agency made the confirmations on the first day of a public hearing by an ad hoc committee of the Federal House of Representatives looking into allegations of harmful additives found in soft drinks sold in the country. The committee’s work was prompted by the introduction of a motion by a member, Hon Rot

Pernod Ricard Q1 sales boosted by international brands, growth in China

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Pernod Ricard, the world’s no 2 spirits company by sales reported a 2% revenue growth in the first quarter ended 30 September. The spirits maker said that sales rose to €2.29bn ($2.69bn), up from €2.25bn in the previous year. The company said sales received a boost from its international brands, which grew 8% in the period and includes names like Absolut vodka, Jameson Irish Whisky, Ballantine’s and Malibu. The firm notes that its wines also had a strong quarter, posting 8% growth. “We have had a very good start to the year, with our growth accelerating and diversifying in terms of both markets and brands,” said CEO Alexandre Ricard. The spirits maker said that its first quarter sales were driven by a stepped-up Chinese demand for its high-margin Martell cognac and Chivas whisky resulting

House Panel summons soft drinks firms over high levels of additives found in drinks

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An ad hoc Committee of the Federal House of Representatives has sent out summons to 91 carbonated soft drinks producers in the country to appear before it and respond to allegations of harmful additives found in some soft drinks sold in the country. According to the directive, some of the companies invited to appear before the committee includes the Nigerian Botting Company Limited (NBC), makers of Coca-Cola, Fanta and Sprite soft drinks. Others are Seven-Up Bottling Company Plc; Sona Group; Guinness Nigeria Plc; Nestle Nigeria Plc; Jos International Breweries Plc; GlaxoSmithKline Nigeria Plc, and Cadbury Nigeria Plc. Also invited to appear before the panel is Nigerian Breweries Plc (“NB”); Nigerian Distilleries Limited (“NDL”); Champion Breweries Plc; International Breweries Plc (IBPlc”);

Nestle Nigeria unveils new ad celebrating farmers whose work make Golden Morn available to families

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Nestle Nigeria Plc, makers of Golden Morn, a cereal made from maize and soya has just unveiled a new ad on the back of the brand’s packaging featuring three sets of photos of farmers who grow the maize and soya used in making the product. The company said it is part of its creating shared value to celebrate the farmers whose labour of love brings Golden Morn to families across Nigeria. Golden Morn was introduced in Nigeria more than 24 years ago. The company noted that part of creating shared value is supporting farmers by making sure food is available to their families and they have all training they need to run profitable farms. “For every pack of Golden Morn you buy, you leave smiles on the faces of the Golden Morn farmers and their families,” the company said. Watch the videos below an

International Breweries merger moves a step closer to completion, gets shareholders’ approval

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International Breweries Plc (“IBPlc”), said on Thursday that its shareholders and the shareholders of Intafact Beverages Limited and Pabod Breweries Limited (the “merging entities”) have approved the merger of all three companies. With approval received from the shareholders of the merging entities, the company said it will will seek final regulatory approvals from the Nigerian Securities and Exchange Commission (“SEC”) and the Nigerian Stock Exchange (“NSE”), as well as the sanction by the Federal High Court (“FHC”), after which, the merger becomes effective. IBPlc, announced in early June that its board as well as the Board of Intafact and Pabod had agreed to explore a merger of their respective operations subject to regulatory and shareholder approvals. All three companies are indirect

Asia Pacific lifts Rémy Cointreau’s half-year sales

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Rémy Cointreau said on Tuesday that first-half sales of its 2017/18 financial year through 30 September grew 6% to €544.4m ($639m), buoyed by its Rémy Martin cognac brand which reported 13.8% sales growth to €367m. The maker of Cointreau liqueur and Mount Gay rum said that it saw organic growth in all regions, with Asia Pacific region delivering remarkable performance, driven by strong momentum in Greater China and Singapore, as well as improved trends in Japan. The Americas region was bolstered by a strong second-quarter in the United States amid a favorable environment for cognac upscaling. Europe, Middle East and Africa (EMEA) region also posted strong results, driven by strong performances in Russia, Central Europe and a new phase of expansion in Africa. The group said that its liqueur

Nearly all dairy products consumed in Nigeria are imported, says Dangote

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Aliko Dangote, Chairman, Dangote Group, says 98% of all dairy products consumed in Nigeria are imported. “Ninety-eight per cent of all the milk and dairy products we consume in Nigeria are imported. “This is why Dangote Group has planned to develop dairy plants, and develop homegrown milk production, to reduce importation,” he said. The Chairman of Nigeria’s largest conglomerate made the assertion on Monday while speaking to some students of the Executive MBA class of the Lagos Business School who visited the Dangote Petrochemical Refinery. The Dangote Group announced in July of its plans to expand into dairy production starting in 2018. He added that the nation was at risk of hunger in the next few years if the mass food importation was not checked. “By 2020, it is estimated that the Nige