The Managing Director International Breweries Plc, Mr. Hugo Dias Rocha has said, “Our dream of achieving market leadership of the beer industry in Nigeria remains unshaken as we are confident in our abilities and commitment as a team.”
IB Plc, a proud part of the AB InBev Group, the world’s largest brewer with over 400 beer brands, held its 44th Annual General Meeting in Lagos recently.
The meeting had in attendance stakeholders of International Breweries Plc, comprising the company’s executive and non-executive directors, shareholders, representatives of regulatory agencies, external auditors, and staff.
Speaking on IB Plc’s overall performance, , he said “Aside from growing our volumes year-on-year, we have also continued to gain market share as we look to becoming even more adaptable to an ever-evolving operational climate.”
He further stated that in the year under review, despite two major economic crises- COVID-19 and the social unrests, the company hit an all-time record in volume and brand development. Within the same year under review, International Breweries launched a new brand – Trophy Stout and the company now houses the top two products (Trophy and Hero) in the country.
The Chairman, HRM Nnaemeka Achebe, in his address to shareholders at the AGM, expressed gratitude for their valuable trust and support despite the prevailing socio-economic challenges impacting the Nigerian business environment.
He stated that with the roll out of vaccines and gradual return to full activities, there’s hope for the recovery of the global economy.
According to him, “International Breweries Plc will continue to strengthen its market position through diversified development and optimization of its corporate strategy as it stays committed to achieving a sustainable development and improving product quality to maintain its competitive edge.”
While responding to the shareholders’ questions, the Finance Director of the company, Mr Bruno Zambrano, stated that “the rights issue which was concluded in January 2020 (the largest in Nigeria’s history) was targeted successfully at deleveraging the company’s balance sheet.
“All the proceeds of the rights issue were used to reduce our overall debt. As a result, total borrowings reduced from N263.6billion as at 31st December 2019 to N110.7billion as at 31st December 2020. The company continues to generate positive cash flows, with improvements in working capital of more than NGN 31.6bn; to cover its short-term obligations.”
He noted that International Breweries Plc will continue to explore available options to settle foreign-denominated liabilities and hedging instruments to mitigate foreign currency risks, reiterating that the company is strategically positioned for success in the future.
Some shareholders at the meeting expressed confidence in the ability of the Board and Management to improve the fortunes of the Company as it looks to assume the reins of market leadership, urging the Company to remain dedicated to this goal.
Due to the COVID-19 pandemic restrictions placed on mass gatherings by the government, the annual event was streamed live to enable shareholders and other stakeholders who could not attend physically to follow proceedings.
Following a strong start to the year, the company’s overall results in 2020 were significantly impacted by the disruption caused by the COVID-19 pandemic. Despite the challenges, net revenue increased by 3.4per cent, and Gross Profit increased by 20.9per cent with Gross Margin enhancement of more than 320 bps to 22.3per cent.
Naira depreciates to N1,170/$ in parallel market
The Naira on Monday depreciated to N1,170 per dollar in the parallel market from N1,166 per dollar last week Friday.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N837.77 per dollar from N927.19 per dollar last week Friday, indicating N89.42 kobo appreciation for the naira.
The Naira appreciated to N837.77 per dollar in the Nigerian Foreign Exchange Market (NAFEM) yesterday.
The volume of dollars traded (turnover) on NAFEM fell by 32.8 percent to $73.93 million from $110.14 million last week Friday.
As a result, the gap between the official and parallel market exchange rates widened to N332.23 per dollar yesterday from N238.81 per dollar last week Friday.
Stock market plummets with investors losing N258.85bn
Trading yester day at the Nigerian equities market closed negatively for the new week. This is as the NGX Market CAP also recorded a loss of N258.85bn in Naira terms.
UNIVINSURE had the highest volume contribution with 16.42 percent, while TRANSCORP and GTCO followed closely.
According to the value chart, AIRTELAFRICA is at the top with a 46.04 percent contribution while GTCO and ZENITHBANK followed closely behind
The NGX All-Share Index (ASI) declined by 0.66 percent, closing at 70,946.83 basis points, compared to the previous day’s gain of 0.08 percent, which closed at 71,419.87 basis points.
The NGXASI now stands at 38.43 percent.
Meanwhile, the total volume traded declined by 0.72 percent to close at N358.53m, valued at N7.10bn and traded in 6,433 deals. UNIVINSURE was the most traded stock by volume with N58.85m, while AIRTELAFRI was the most traded stock by value with N3.27bn units traded.
The Gate Index declined by 0.04 percent to close at 183.36, while the Toni index advanced by 0.38 percent to close at 374.27 basis points.
At the close of trading, the market recorded 33 gainers, 26 losers, and 58 unchanged. THOMASWY topped the gainers list, while BUACEMENT topped the list of losers.
Flour Mills of Nigeria completes repayment of N51.64bn Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN), a Nigerian food and agro-allied company, has repaid its N51.64 billion Series 2 Commercial Paper (CP) on November 17, 2023.
This repayment follows the earlier completion of the N13.33 billion Series 1 payment on August 22, 2023.
The successful repayment of these Commercial Paper Programs highlights FMN’s robust financial position and the trust it commands within the market, according to Anders Kristiansson, FMN’s Group Chief Finance Officer. He also noted the company’s commitment using the Debt Capital Market to fulfill its operational financial needs in a statement shared with Businessday.
“We are delighted to confirm the prompt and successful repayment of our Series 2 Commercial Paper. This accomplishment mirrors FMN’s dedication to sound financial management and the faith vested in our organization by the investing community. “We extend our appreciation to our stakeholders for their unwavering support and affirm our dedication to delivering sustainable value while upholding the highest standards of corporate governance,” Kristiansson said.
The Series 1 CP and Series 2 CP, totaling N64.97 billion, were initially issued on February 22, 2023, as part of FMN’s N200 billion Commercial Paper Programme introduced earlier that month.
The company also initiated its N200 billion Commercial Paper Programme on February 10, 2023, launching Series 1 and Series 2 on February 22. Series 1, raising N13.33 billion with a yield of 13.0 percent, and Series 2, raising N51.64 billion with a yield of 14.0 percent.
Following the successful issuance of Series 1 and 2, FMN made strategic strides by introducing its Series 3 Commercial Paper in June 2023. The subscriptions from banks and Pension Fund Administrators contributed to the success, with banks at 39.7 percent and Pension Fund Administrators at 40.8 percent.
The management of this transaction was led by FBNQuest Merchant Bank Limited as the Lead Arranger, supported by ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
Established in September 1960 and listed on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, known for the Golden Penny Food brand, has emerged as a frontrunner in Nigeria’s food and agro-allied industry.
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