Nigeria Breweries Warns 2017 Will Be “Tough” Despite Raising Prices Thrice In 2016
Nigeria Breweries raised beer prices three time last year as confirmed by the company’s sales director Mr Herbert Eze. He confirmed this while speaking at the company’s trade partners awards, held in Lagos, over the weekend,
“No doubt, 2016 was bad for business, the main reason why we had to reluctantly adjust our prices three times that year. And if not for your resilience, perhaps it would have been worse.
He didn’t stop there. He also told their major distributors to brace up because 2017 will be tougher.
“Let me tell you, 2017 is going to be tough too, and I cannot even say which one will be tougher between last year and 2017; hence my charge to you to be more resilient and hardworking,” he stated.
I guess this is a subtle message to shareholders and investors. Nigeria Breweries share price has gained about 23% in the last one year. It’s current share price of N113 is 28x its 2015 profits.