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Business News

Nigerian Breweries addresses allegation of fake product in circulation

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Nigerian Breweries Plc

In what can be described as a swift response, Nigerian Breweries Plc (NB) has debunked the false allegation of its fake product in the market.

Reacting to a resurfaced video which is purportedly circulating on some social media platforms, alleging the existence of a ‘fake’ Amstel Malta in the market, NB said the claim is not true.

According to the statement released, NB said the claim in circulation is based on the fact that there are differences in the NIS Logo on the Amstel Malta packaging

The statement read; “The attention of Nigerian Breweries Plc has been drawn to a video circulating on some social media platforms alleging the existence of a ‘fake’ Amstel Malta in the market. This claim is based on the fact that there are differences in the NIS Logo on the Amstel Malta packaging.

“We wish to clarify and assure all our valued consumers and lovers of Amstel Malta that there is no fake Amstel Malta in the market.”

NB explained further that it recently revised the packaging of Amstel Malta and incorporated the new NIS Quality logo from the Standards Organisation of Nigeria (SON),  adding that the change was approved by the relevant regulatory agencies, including the National Agency for Food and Drug Administration and Control.

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.

Deal book 300 x 250

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 is currently trading at ₦78:75 in today’s trading session on the floor of the NSE.

About the company

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

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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