International Breweries Plc (INTBREW), a Nigerian brewer, rose to the highest in more than a year after gaining for a second day.
The stock climbed 4.9 percent to 6.22 naira by the close in Lagos, its highest since July 28, 2011.
“The company is increasing its capacity utilization to do contract jobs for other brewers in the country,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co., said by phone today. “This is expected to drive profitability and investors are taking position now to reap from the increase.”
Net income for the first quarter jumped to 387.5 million naira ($2.4 million), from 7.43 million naira a year earlier, according to a statement published on the website of the Nigerian Stock Exchange dated June. 8. Revenue rose to 2.88 billion naira from 2.38 billion naira.
Shares of the company have risen 9 percent this year, compared with a 13 percent rise in the Nigerian Stock Exchange All-Share Index over the same period.
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