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Sunday, March 26, 2023

Nigerian Breweries Report Average Daily Sales of N1.2Bn in Q1 2021

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Nigerian Breweries grew average daily sales from around N925 million in the first quarter of 2020 to as much as N1.2 billion in Q1 2021 as a gradual reopening of the economy has helped increased beverage consumption in Nigeria.

Daily sales grew by around 27 percent year on year as the economic exit of the pandemic induced recession encouraged consumer spending in the economy. The company’s average daily sales is expected to continue its growth path in subsequent quarters as the mass rollout of Covid-19 vaccines will encourage more outdoor partying which typically triggers higher beverage consumption.

Nigerian Breweries Plc which is the largest brewery company in Nigeria engages in brewing, marketing and selling of lager, stout, non-alcoholic malt drinks and soft drinks. The Company’s brands include Star lager beer, Gulder lager beer, Maltina, Legend Extra Stout, Amstel Malta, Heineken lager beer, Maltina Sip-it; Fayrouz, Climax, a herbal energy drink; Goldberg lager; Malta Gold; Life Continental lager; Ace Passion; Star Lite and Star Radler, among others.

Its products also include 33 Export lager beer, Williams dark ale, Turbo Kings dark ale, More lager beer, malt drinks, Maltex and Hi Malt. It also offers apple cider, Strongbow (Gold Apple); Star Triple X; Ace Roots, and Ace Rhythm.

It is not clear which of its products generates the highest sales for the company from the report but leading brands include, Star, Gulder, Maltina, Heineken and Amstel Malta.

NB reported revenue of around N105.6 billion and net profit of N7.6 billion in Q1 2021, a significant improvement from the N83.2 billion in revenue and N5.5 billion in net profit it posted in Q1 2020. The strong business recovery since the lockdown has helped inspire a strong rally in the stock price as the stock is currently up 45.22 percent over the last one year.

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