Dipo Olowookere
By Dipo Olowookere
The management of Nigerian Breweries has said it was making concerted efforts to scale through the harsh operating environment, though it admitted that things have not been easy.
On Monday, the company’s executives were at the stock exchange update investors on the steps being taken to navigate the storm.
During the event, the brewer said this year has not been easy because of the impact of the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange on its business operations.
“In 2020, the results of Nigerian Breweries were adversely impacted 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 Q3 with growth versus last year,” the MD/CEO of Nigerian Breweries, Mr Jordi Borrut Bel.
He said further that, “Looking ahead to 2021, we will strive to sustain the performance of the second 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 the confidence to continue to Winning with Nigeria.”
Speaking at the event, the Divisional Head, Listings Business at the NSE, Mr Olumide Bolumole stated, explained that the platform was created for companies like Nigerian Breweries and others 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,” he said.
Mr Bolumole noted that, “The exchange recognises efforts made by the board and management of Nigerian Breweries towards achieving business continuity by enhancing the organisation’s operational efficiency.”
