Lead brewing company, Nigerian Breweries Plc posted a market capitalization of N684 billion in 2018, down from the N1.1 trillion recorded at the end of 2017.
The Managing Director, Mr Jordi Borrut Bel attributed this drop to oil price volatility, political instability, increase in excise duty, amongst other challenges.
He disclosed this Tuesday, at a pre-Annual General Meeting(AGM) media briefing in Lagos.
He said, ‘a new excise duty rate of N30 per litre introduced in June 2018, translated to approximately a 43 percent increase from the previous average rate of N21 per litre.’

In the third quarter, the company for the first time in a very long while, recorded a loss. However, it recorded a rebound to a profitable position in the fourth quarter.
However the year ended with a turnover of N324 billion, which was lower than N345 billion recorded in 2017.
Results from operating activities decreased from N57 billion to N37 billion due in part to higher excise duties and other operating costs. Despite the challenging operating environment, the year ended with a profit after tax of N19 billion, although lower than the N33 billion recorded in 2017.

As a responsible corporate citizen, operating under Heineken NV, NBL’s mission ‘is to be the leading beverage company in Nigeria, marketing high quality brands that deliver superior customer satisfaction, in a safe and environmentally friendly way,’ Bel added.

According to him, the company is committed to an integrated management system that meets internationally recognised standard for quality food safety, environmental and occupational health and safety, in line with all legal and other compliance obligations.’

Similarly, the Marketing Director, Mr. Emmanuel Oriakhi, noted that the firm will continue to produce and market high quality beverages that are safe for consumption as well as support and sponsor activities that promote the connection of its brands with Nigerian consumers.

Earlier, the Corporate Affairs Director Mrs. Sade Morgan, highlighted several sports and educational projects sponsored by the company as part of its Corporate Social Responsibility (CSR) in the country.
According to her, the Nigerian Breweries-Felix Ohiwerei Education, was incorporated in 1994 as a charitable Trust for the advancement of education across the country.
The brewing company has continued to partner with Federal Road Safety Corps (FRSC) to encourage safe driving among Nigerian drivers and road users.
The country’s sports and entertainment sectors have also benefitted from several sponsorships by the company.