• Sunday, July 21, 2024
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NB invests N125 billion in Nigeria in 5 years


The Managing Director of Nigerian Breweries (NB) Plc., Mr Nicolaas Vervelde, on Tuesday said that the company had invested N125 billion in Nigeria in the last past years.

Vervelde gave the company’s investment profile at the company’s pre-annual general meeting media conference held in Lagos.

He said that the investments were in capacity building, human capital development, acquisition of Sona Breweries and system upgrading.

Vervelde said that the company would increase its investment drive in the years ahead for sustainable growth and enhanced dividend payout to shareholders of the company.

The managing director said that the company was working toward ensuring that 60 per cent of its raw materials were sourced locally by 2018.

According to him, the company is working with a number of entrepreneurs on how to set up a cassava chain plant in Nigeria.

He said that the company maintained its leadership position in the market, in spite of the nation’s challenging operating environment in 2013.

Vervelde said that investments the company made over the years and the acquisitions and subsequent merger of acquired companies made it more competitive.

The company’s turnover rose to N269 billion in 2013, compared with the N253 billion recorded in the corresponding period of 2012, an increase of 6.3 per cent.

The company’s profit after tax grew by 13.2 per cent to N43 billion, compared with N38 billion achieved in 2012.The company also proposed a dividend of N4.50 per share to all its shareholders as against three naira paid in 2012, an increase of 50 per cent.