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Business News

Nigerian Breweries Plc to pay 60 kobo interim dividend

Nigerian Breweries Plc report negative Q3 2018 result

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Nigerian Breweries

Following the release of its Q3 financial results, Nigerian Breweries Plc has announced to pay an interim dividend of 60 kobo for the nine months ended September 30, 2018.

The interim dividend is 40 per cent lower than the 100 kobo interim dividend paid in the corresponding period of 2017.

Nigerian Breweries Plc had released its Q3 2018 interim financial results for the period ended 30th September 2018.

Revenue for the company dropped from ₦270 billion in 2017 to ₦254 billion in the year under review. This represents a 5.62% decrease year on year.

Profit Before Tax also dropped from ₦34 billion in 2017 to ₦22 billion. This represents a 34.7% decrease year on year.

Profit After Tax likewise dropped from ₦24 billion in 2017 to ₦14 billion. This represents a 38.4% decrease year on year.

The Earnings Per Share also dropped from ₦300 in 2017 to ₦185 in 2018. This represents a 38.3% decrease year on year.

Nigerian Breweries Plc closed at ₦88 on Friday’s trading session on the floor of the Nigerian Stock Exchange (NSE).

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Nairametrics had reported how the management of the company tends to survive the Nigerian beer war. According to the management of the company, the company’s strategic plans are aimed at consolidating its market share in the country.

The company announced plans to consolidate on its position as the race in the beer market becomes stiffer in the face of intense competition, increasing cost inflation, and weak consumer spending.

Plans for its Premium lager segment

The company revealed plans to grow volumes in the premium lager segment using sales push of recently-launched Tiger Lager. The bottle will be offered in 450ML sizes (in contrast to the commonly available 600ML bottles) at pocket-friendly prices.

The stout segment

Nigerian Brewery management continues to maintain some level of presence in the stout segment with 20% of the market. The company says it expects to grow volumes of its stout brand in the country. The stout segment is dominated by Guinness with its Guinness Stout brand and it is guiding its stout market share aggressively.

The Malt segment

Nigeria Brewery’s malt segment has suffered in recent years, but the brewer still leads this space with its Maltina and Amstel Malta brands. The management stated that it will leverage on the increasing health consciousness (i.e the shift away from sugary carbonated drinks) of a cross-section of Nigerian consumers.

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About Nigerian Breweries Plc

The company is the pioneer and largest brewing company in Nigeria. It serves the Nigerian market and exports to other parts of West Africa.

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Nigerian Breweries was incorporated in 1946. Its first bottle of beer, STAR Lager, rolled off the bottling lines of its Lagos Brewery in June 1949.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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