NB’s CEO Assures Stakeholders of Improved Performance

The Managing Director/CEO, Nigerian Breweries Plc, Mr. Jordi Borrut Bel, has said the company would strive to sustain positive performance in the years ahead despite the challenging operating environment.

Bel stated this while presenting the company’s ‘Facts behind the figures’ to capital market stakeholders. According to him, the results of Nigerian Breweries in 2020 have been adversely affected by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.

“Our position in the market, however, enabled us to mitigate this impact in quarter three (Q3) with growth versus last year. Looking ahead to 2021, we will strive to sustain the performance of the 2nd half of 2020, driving premiumisation and growth.

“However, we still expect to have a challenging operating environment with devaluation, inflation and affordability. The capabilities of our people, focus on our consumers combined with a commercial agility and position for growth gives us confidence to continue to Winning with Nigeria,” Bel said.

Speaking at the event, the Divisional Head, Listings Business, Nigerian Stock

Exchange (NSE), Mr. Olumide Bolumole, said: “The exchange recognises efforts made by the board and management of Nigerian Breweries towards achieving business continuity by enhancing the organisation’s operational efficiency.

“It is also noteworthy that Nigerian Breweries has chosen to utilise the NSE facts behind the figures event to provide the market with information about its financial performance as well as strategic and operational developments.

“Given that the market is driven by timely, relevant and accurate information, this interaction with the market through this forum is vital and we encourage the management of Nigerian Breweries to continue to strive for sustainability by adhering to the highest standards of disclosure and corporate governance.”

Meanwhile, the equities market sustained its positive performance with the NSE All-Share Index rising 1.25 per cent to close at 34,769.00, while market capitalisation added N223.9 billion to be at N18.2 trillion.The growth resulted from gains posted by Dangote Cement Plc, Airtel Africa Plc and Dangote Sugar Refinery Plc among others. In all, 37 stocks appreciated while 11 depreciated.