Nigeria: Nigerian Breweries hits 86 bln naira turnover

Nigerian Breweries Plc, the country`s leading beer brewer, recorded an operating profit of 17 billion naira in fiscal 2006, a 10% increase over the 15.4 billion naira it posted in 2005, the company`s CEO Michiel Herkemij said, according to Angola Press, May 17.

The company also recorded a gross turnover of 86.3 billion naira in the year under review, representing 8% increase over the 80.1 billion naira in 2005.

"The performance of our company in 2006 was a landmark year for Nigerian Breweries Plc," Herkemij told journalists at a pre-annual general meeting session in Lagos Tuesday, adding: "It was a year demand for our brands far outstripped availability."

At the floor of the Nigerian Stock Exchange Tuesday, the company emerged among the top gainers, adding 1.78 naira to close at 37.49 naira per share.

The company produced 6.1 million hector litres of beer (about 85 million cartons), from its five plants across the country last year, when it marked its 60th anniversary.

Nigerian Breweries Plc controls 55.1% of the country`s brewed products market and plans to expand its export market in the West African region.

Meanwhile, the company`s directors have recommended a dividend payment of 104 naira for ordinary shares of 50 kobo each from the 7.865 billion naira dividend realised in 2006, when it paid 17.6 billion naira as taxes and levies to Nigeria`s Federal and State governments.

(130 naira=US$1).