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NIGERIAN BREWERIES
Nigerian Breweries has announced an extension of its ongoing rights issue, initially launched on September 2, 2024, and originally set to close on September 11, 2024.
Nigerian Breweries Plc, the foremost brewing company, has disclosed its intention to utilise the proceeds from its N599.1 Billion Rights Issue to eliminate ovedue foreign exchange commitments, thereby repositioning the company for optimum business performance that will enable it to deliver value for its stakeholders.
Following receipt of the approval of its shareholders in April 2024, Nigerian Breweries Plc (“Nigerian Breweries” or the “Company”) has now received clearance of the relevant documents from the Securities and Exchange Commission and NGX Regulation Limited.
Nigerian Breweries Plc, a leading total beverage alcohol company in Nigeria, has posted a 34% increase in operating profit for its half-year period ended 30 June 2024.
Nigerian Brewer/Distiller companies have been significantly impacted by macroeconomic challenges; the devaluation of the Naira and rising inflation and interest rates.
Nigerian Breweries Plc has released its unaudited financial statements for the first quarter (Q1) 2024, posting a loss after tax of N52.1 billion.
Nigerian Breweries is seeking to convert part of its liabilities into equities. This is according to the resolutions from the group’s Annual General Meeting (AGM) held on April 26, 2024.
As part of the resolutions at its Annual General Meeting, the board of Nigerian Breweries Plc has received its shareholders approval for a N600 billion rights issue.
Analysts predict a stable forex regime will drive Nigerian Breweries and others back to profitability in 2024
The final part of the transaction is being completed at the South Africa end with the expectation that the transaction would be completed in full in the second quarter of this year.
Nigerian Breweries Plc has indicated plans for a company-wide reorganisation which include the temporary suspension of operations in two of its nine breweries.
In the face of economic challenges, the consumer goods sector experienced bleak financial outcomes for the 2023 fiscal year. Despite the challenging financial performance in 2023, investors have maintained confidence in the stocks, as indicated by their YtD gains in Q1 2024.