By Dipo Olowookere
Managing Director of Nigerian Breweries Plc, Mr Nicolaas Vervelde, has explained the steps taken by the firm to raise its revenue in the 2016 financial year.
Addressing newsmen in Lagos on Tuesday pointed out that the N314 billion made as earnings in 2016 was as a result of its twin agenda of cost leadership and market leadership supported by innovation.
He said the amount represented a 6.7 percent growth from the N293 billion it recorded in 2015.
“When all factors are considered, our results have been positive and creditable over the years. Despite the deterioration in consumer purchasing power, our robust brand portfolio which covers a broad spectrum of consumer needs enabled us to protect revenue and profitability,” Mr Vervelde said.
He described the 2016 operating environment as “very challenging” especially from an input cost, FOREX and purchasing power perspectives.
He said, “Our volume growth was in the mid-single digit region, coupled with the price increases that we implemented positively impacted our revenue growth.”
Mr Vervelde noted that the operating environment in 2017 is expected to be similar to 2016, but expressed the firm’s confidence in adapting to the operating environment as required, and stay committed to delivering a good return on investment to shareholders.
Adedapo Adesanya