Heineken to double production capacity in Ivory Coast brewery

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Dutch brewer Heineken said on Thursday that it plans to double current production capacity at its newly opened Brassivoire brewery in Ivory Coast by next year with the aim of going head-to-head with French beverage giant Castel which currently dominates the Ivorian beer market. Beer consumption in Ivory Coast has risen since the end of a decade-long political crisis in 2011. Castel dominates the beer market with its popular Castel, Flag and Solibra Bock brands. Alexander Koch, General Manager of Brassivoire brewery said:  “We will invest 20 billion CFA francs ($35.49 million) by the end of the year…to double our capacity”. “We had planned to make this investment between 2018 and 2019. But with the strong demand, we are doing it before the end of the year,” he said. Total investment in the

Cadbury Nigeria’s losses narrow as company struggles to return to profitability

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Cadbury Nigeria Plc on Thursday reported a net loss of ₦64 million for the nine months to the end of September. The loss was an improvement from 2016 when the company posted a net loss of ₦842 million. The firm said that its fortune improved in the third quarter as it posted a net profit of ₦702 million, helping narrow the cumulative loss. The Bournvita maker said that it saw a 14% increase in sales in the nine months to the end of September. Sales climbed to ₦24.3 billion (USD$66.9m) from ₦21.3 billion (USD$58.7m) in the previous year. However, administrative expenses weighed on the firm’s operating profit, rising 31% to ₦1.5bn (USD$4.1m) in the nine months to the end of September, with a third quarter increase of 251% to ₦537m. Skyrocketing net finance cost added to the company’s woes, s

Cost savings initiatives, operating efficiencies boost Nestle Nigeria’s nine months profit

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Nestle Nigeria Plc, one of the country’s largest Fast Moving Consumer Goods Companies (FMCG) said on Monday that revenue for the nine months to the end of September grew 43% to ₦185bn ($510 million), from ₦129bn ($355 million) in the same period last year. The company behind such brands as Milo Cocoa drink, Nescafe Coffee, and Golden Morn among others said that the boost in sales was fueled by a strong consumer and distribution-led activities as well as benefits from last year’s price increases. The company noted that the growth is an affirmation of the loyalty and trust that consumers have in its brands, despite pressure on disposable income and tough market conditions. Net profit for the period rose to ₦22.9bn ($61 million) from ₦485m ($1.3 million) in 2016, driven by internal cost savin

AB InBev maintains momentum in Q3; post 50% profit rise in nine months

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Anheuser-Busch InBev said on Thursday that revenue in the nine months to the end of September grew 4.1% to $42bn and 3.6% to $14.7bn in the third quarter alone. The maker of Budweiser and Corona said that its growth was fueled by SABMiller’s former operations and by revenue management initiatives and continued premiumization. The brewer noted that total beer volumes fell 0.3% in the nine months to the end of September and declined 1.2% in the third quarter. The company hailed the contribution of its global premium brands, particularly Corona which grew 9.6% in the period. AB InBev noted that its cost of sales in the nine months to September rose 2% but declined 1.9% in the third quarter, driven by synergy capture as well as favourable market exchange rates. The firm said it now hopes to ca

USAID partners Nestle Nigeria, others to train farmers on best practices

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The United States Agency for International Development (USAID) has partnered with Nestle Nigeria Plc and two non-governmental organisations to train farmers, workers and small agricultural businesses in Kaduna State on improving crop quality. The other organisations that have teamed up with USAID and Nestle Nigeria are Volunteers for Economic Growth Alliance and Vega Member Cultivating New Frontiers in Agriculture. The new programme is called ‘Feed the Future Nigeria and Nestle Maize Improvement Partnership.’ According to the group, the training is necessary to reduce post-harvest losses and contaminants for small holder farmers in such staple crops as maize and soybean. The exercise would enable the farmers earn a better living. “Crop contaminants like mycotoxins threaten the health and l