Nigeria: Nigerian Breweries records a 29% rise in 2007 turnover

Following growth in its operations, the Chief Executive Officer/Managing Director, Nigerian Breweries Plc, Mr. Michael Herkemij, has said that the company’s turnover rose by 29 per cent or N112 billion in its 2007 financial year, Nigerian Tribune published May 6.

Herkemij said this while presenting the company’s “facts behind the figures” on the floor of the Nigerian Stock Exchange on Monday. According to the company’s 2007 annual reports and accounts, it recorded a turnover of N86bn in 2006.

Similarly, its operating profit rose by 61 per cent, from N16.948 billion the previous year, to N27.357 billion in the year under review. Its profit after tax grew by 74 per cent, to N18.943 billion in 2007, from N10.901 billion the preceding year. However, its share capital remained at N3.781 billion in the years under review.

The managing director explained that the factors behind the company’s growth was its sustained leadership. “We have been accelerating our business and this has resulted into growth. We have invested heavily in our branding and distribution and that has resulted in an increased capacity,” Herkemij added.

He disclosed that there had been an integration of various departments in the company to enhance performance, adding the company had paid off loans secured during the building of the Ama breweries Plants in Enugu.

07 May, 2008