Nigeria: Nigerian Brewery to build two new beer plants
Nigerian Breweris Plc has concluded arrangements to construct two new factories in Nigeria as part of its strategy to maintain its position in the industry and contribute towards the country's economic growth, the company's chief executive officer, M.J.Herkemij said, according to Panapress, May 7.
"As part of our market outlook for 2008, two new plants will be built in Lagos a nd Kaduna. We will continue to expand our investments in the Nigerian economy," H erkemij told journalists during a media briefing to herald the company's Annual General Meeti ng (AGM), to be held later in the month.
During the AGM, subject to approval, the company hopes to declare a N2.50K dived end per share.
The brewery firm, which came out with its first brand - Star lager beer, 61 year s ago, now has five breweries located across Nigeria.
One of the breweris, located at Ama in eastern Nigeria, is regarded as one of th e ten most sophisticated factories in the world.
"We also want to invest heavily in the agriculture sector by encouraging the pla nting of surghum, so that farmers can get quality yields and income," the brewer y chief added.
He attributed the good performance of the company to the various innovations car ried out, focus-driven management, speed in the implentation of policies and the support patronage of consumers for the brands.
The company revenue, according to the CEO, moved from 86 billion naira to 111.7 billion naira last year.
This was driven by strong volume, improved sales mix and higher profit.
Similarly, operating profit increased to 27.4 billion naira, representing 61per cent, while net profit grew to 18.9 billion naira, representing 74 per cent.
"We are not only talking about profit. We give back to the society through our v arious sponsorship and support to worthy causes.
"We have been promoting art, reading culture, through reading competitions, spor ts, entertainment, music and hunt for talents. We are equally mindful of the env i ronment, hence our policy is not to do anything that can harm it," said the brew e ry chief.
08 May, 2008
