Bloomberg News

Nigerian Breweries 9-Month Profit Rises 18%; Sales Increase

October 20, 2011

(Updates with analyst comment in third paragraph.)

Oct. 20 (Bloomberg) -- Nigerian Breweries Plc, the country’s biggest beer-maker by market value, said nine-month profit through September climbed 18 percent as sales increased.

Net income rose to 24.83 billion naira ($159 million), compared with 21.14 billion naira a year earlier, the Lagos- based company said in a statement published today on the website of the Nigerian Stock Exchange. Sales jumped 22 percent to 159.96 billion naira.

The Heineken NV unit, which acquired two brewing companies, Sona Systems Associates Business Management Ltd. and Life Breweries Co. Ltd. last month, said the “overall impact of the consolidation will be reflected” in its full-year result. The company expects “overall positive trend recorded so far to continue in the last quarter of the year.”

Nigerian Breweries advanced 48 kobo, or 0.6 percent, to 88.53 naira at the close of trading in Lagos. The stock has gained 15 percent this year compared with the 19 percent decline of the Nigerian Stock Exchange All-Share Index.

--Editor: Dulue Mbachu, Antony Sguazzin.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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