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Nigerian Breweries shares rise by 10.5%

Category: Daily & Weekly Market Updates

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Nigerian Breweries shares rise by 10.5%

April 24, 2006/punch




Shares of Nigerian Breweries Plc rose by 10.5 per cent at the stock market in a week, just as the Managing Director/Chief Executive of the company, Chief Festus Odimegwu, said the company would surpass its past performance.

At the close of trading at the stock market on Friday, each share of NB Plc sold for N33.51, up by N3.99 from its opening price of N30.33. This implies that an investor who bought the shares at N30.33 per share has recorded a capital gain of 10.5 per cent in one week.

Market operators said that the stock might rise further this week, given investors’ likely positive response to its 2005 results.

The company recorded a growth of 62 per cent in profit after tax for its year ended December 31, 2005. The net profit rose from N5.1billion to N8.2billion, while the directors recommended a dividend of N7.9billion that translated to 105kobo per share in 2005, up by 163 per cent from N3.025billion paid in 2004.

Odimegwu attributed the improved results to prudent management of resources and cost-saving measures, among others.

According to him, the company adopted cost-saving measures, leveraged investments on technology, processes and secured finances at lower charges.

He said that the company also embarked on realignment exercises. “A major consequence of the realignment was the scaling down of Aba Brewery operations. As a result, the brewery is now used essentially for focused production. The old Enugu Brewery was also closed down as a result of the coming of Ama Brewery,  he said.

He disclosed that company’s products recorded improved performance in 2005. “Our leadership position was further enhanced by the very strong performance of our brands. NB Plc closed the year with 78.5 per cent share in lager market and 44.4 per cent of the malt drinks category,  he said.

He gave assurance that investors in the company would continue to enjoy higher earnings.

Meanwhile, the Governor of Anambra State, Mr. Peter Obi, has solicited the assistance of the Nigerian Stock Exchange for the infrastructural development of the state.

He said during a courtesy visit to the NSE on Friday that though the state would not raise money from the market through bond issue, but would explore ways of partnering with listed companies to develop the state.

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