Nairametrics| In the early hours of Sunday, Christmas Morning (6am), a section of the Nigerian Breweries factory at Iganmu caught fire. Preliminary findings by Nairametrics have revealed that the fire started at the warehouse section and spread to other areas of the factory.
Video evidence on social media also reveals the extent of the fire. See tweet and video from a witness, below. It is not clear what must have caused this fire as events are still unfolding.
Likely implication
Analysts indicate this firel could have larger implications for the company. Festive seasons such as Christmas see companies stockpiling products in anticipation of a surge in demand. The fire will likely cause a shortage of products in the market. Thus leading to a drop in turnover and a temporary erosion of market share.
There are also implications for insurance companies who will be on the hook to pay claims resulting from this fire.
Unaudited results for the 9 month period ended 30th September 2016, show a decline in Profit After Tax from 4.6 billion to 1 billion naira. Earnings per share declined from 59 kobo to 13 kobo. The share price closed down 4.45% at 137.55 naira in Friday’s trading session.
Nigerian Breweries on Fire at Orile, happening right now. @Gidi_Traffic pic.twitter.com/PYSElPxy9X
— Arc Dunphy (@arcdunphy) December 25, 2016
