International Breweries Plc has recorded an improvement in its earnings in the first half of 2016 compared with its performance in 2015.
This improvement is coming despite the economic downturn that has left most firms declaring less than impressive results in the first half.
Chairman of the company’s Board of Directors, Otunba Michael Daramola, said the company has contributed positively to the growth of Nigeria’s economy in his submission at the 39th annual general meeting (AGM) of the company held recently
Daramola said International Breweries recorded an improvement in its earnings in this fiscal year over the last one with a 12.7 percent increase from N20, 649,295.00 to N23, 269,364.00.
According to him, the company also made a profit of 18.2% while earnings per share increased from 59kobo in 2015 to 81kobo in 2016, an increase of 37.3%, courtesy its excellent improvement in Earnings before Interest, Taxes, Depreciation and Amortisation, EBITDA.
Daramola, who said within the year under review the company continued to focus on investing for the long term and building on their established brands strong position in the South West, said they also expanded their portfolio with the launch of Eagle Lager, 1960 Rootz and Miller Genuine Draft all of which have been exceptionally well accepted by consumers.
He also noted that the company continues to expand its offering of existing brand to leverage occasions and to satisfy consumers’ needs as they have done with the phenomenally successful launch of the Trophy 375ml pack.
Assuring customers of sustained quality, Daramola stressed the company’s readiness to keep the business focused, saying they would not deter from stretching the corporate scorecards in spite of the deteriorated economic situation.
He said: “the year under review has been both exciting and challenging with our country facing an extremely tough economic landscape. We have experienced inflationary pressures, foreign exchange liquidity issues and consumers have also been faced with severe fuel shortage and long power outages.
While emphasising on the achievement of the company under the youths empowerment programme, Daramola said in the spirit of giving back to the society, 25youths from across the South-West geopolitical zone of Nigeria have been empowered so as to be self-employed.
According to him, “within the last fiscal year, we launched our Kick start programme which was aimed at empowering our youth to develop enterprises and create employment. The programme ran over the entire fiscal year and involved the training of 120 youths selected from thousands of entries and culminated in an awards luncheon which saw 25 youths awarded grants to empower them to grow their enterprise”.
He, however, expressed optimism that the company would continue to grow despite the economic and market challenges that present themselves to Nigerian. He also promised that the company will grow in line its strategic views, increasing volumes and profitability supported by sound capital investment initiatives and at the same time deliver value to all our stakeholders.
