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Nigerian Breweries Records N479.8bn Revenue in 6 Months

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Nigerian Breweries Plc, a leading total beverage alcohol company, has declared a 34 per cent increase in its operating profit for the half-year ended June 30, 2024.

Mr Hans Essaadi, the Managing Director, Nigerian Breweries Plc, said this in a statement on Wednesday in Lagos.

Essaadi said the company recorded a 73 per cent increase in revenue within the period.

He said that the company’s revenue during the period  surged to N479.

8 billion from N277.4 billion in the comparative period of 2023.

He noted that the company was able to achieve all that in spite of the challenging operating environment characterised by soaring inflation, exchange rate volatility, security challenges, elevated input costs, and rising cost of living.

Essaadi stated that in the six months ended June 30, 2024, Nigerian Breweries demonstrated resilience and was on the path to recovery as seen in the results delivered.

He attributed the company’s revenue growth performance to strategic pricing, innovation, volume growth, and market recovery.

“Cost of sales, distribution, and admin expenses increased by 46 per cent, largely due to inflationary pressure and foreign exchange devaluation impacting imported materials.

“We also continue to invest behind our brands and categories and support the recovery of the market,” he said.

Essaadi also disclosed that the company was in the process of initiating a rights issue to raise up to N600 billion additional capital.

This, he said, would restore the business to profitability and enhance operational and financial stability as part of its resilient and forward-thinking strategy.

“The funds raised will be used to eliminate our foreign exchange-denominated debts and reduce our local debts, thereby mitigating our exposure to the continuing economic challenges.

“Through our cost-saving and other efficiencies initiatives, we recorded a 34 per cent increase in operating profit, signalling the resilience and strength of our operations.

“We are conscious of the continued challenging operating environment with double-digit inflation and pressured consumer income spending.

“However, we continue to focus on our strategy to deliver value to our shareholders while contributing to the country’s economic development,” he said.(NAN)

NEWS

Gunmen Attack Police Station, Kill 2 in Anambra

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The Police Command in Anambra says gunmen have burnt its station in Umunze, Orumba South Local Government Area, killing two officers.SP Tochukwu Ikenga, the Police Public Relations Officer in the state, announced this in a statement issued in Awka on Monday.He said that the gunmen attacked the police facility with improvised explosives, shooting sporadically, which caused a fire to burn part of the station.

He said further that during the attack, two police operatives on duty were killed when they attempted to resist the gunmen.
Ikenga stated that the bodies of the deceased policemen had been recovered and taken to the morgue.He also noted that joint security forces, including the police, army and navy, among others, had recovered five unexploded improvised explosives.
Ikenga noted that the Commissioner of Police in Anambra, CP Nnaghe Itam, had visited the scene for assessment.He said that Itam called on anyone with information that could assist in the investigation to come forward, assuring then that such information would be treated confidential.(NAN)

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IPPIS Data Base not Compromised, OAGF Assures Employees

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By Tony Obiechina, Abuja

The Office of the Accountant General of the Federation (OAGF) has reiterated the Federal Government’s determination to maintain and operate a secure and efficient personnel and payroll system.In a statement by the Director of Press and Public Relations, Mr Bawa Mokwa on Monday, the OAGF maintained that the Integrated Personal and Payroll Information System (IPPIS) database has not been compromised, assuring that employees personal data on the IPPIS database is safe and secured.

The OAGF, which manages the IPPIS and other financial management initiatives of the Federal Government, said it is already implementing its ICT Security Policy that aims to ensure that its digital assets are secured in line with global best practices.
The Office explained that no data is saved on its website, adding that the IPPIS uses the website to only share information and not for any transaction. “The IPPIS is not using the OAGF website for any transaction. The website is actually the medium to share information. Neither payroll nor payment is made through the website, therefore, no data is contained in the website”, it said. The OAGF stated that the IPPIS validation portal that was recently developed for updates of employees information was deployed for a period and after the exercise was over, the data were pulled out and the site shut down permanently.According to the statement, “the IPPIS Validation Portal was deployed on a secure platform. A secured database and application were purchased from the popular HELIX-FONS.”The Office acknowledged that the IPPIS is of utmost importance to Nigerian workers, thus it became imperative to assuage the fears of any loss or breach of employees personal data in the IPPIS database. The OAGF noted that the IPPIS has put in place necessary mechanism to resolve any problem that may arise in its operations and advised workers that observe anomalies in their salaries to follow the official procedures inorder to get such issues resolved.

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Again, Inflation Drops to 32.15% in August

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By Tony Obiechina, Abuja

Nigeria’s headline inflation dropped to 32.15 percent in August, according to National Bureau of Statistics (NBS) report

The report released on Monday said the inflation eased the second time in 2024 after a 19 month increase that peaked at 34.19 percent in June.

“Looking at the movement, the August 2024 headline inflation
rate showed a decrease of 1.

25% points when compared to the July 2024 headline inflation rate (33.
40).”

It however, said on a year-on-year basis, the headline inflation rate was 6.35 percent points higher compared to the rate recorded in August 2023 (25.80%).

“This shows that the headline inflation rate (year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.

e, August 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).

” This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the
average price level in July 2024.”

The report added that food inflation rate in August 2024 was 37.52 percent on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).

It said the rise in food inflation
on a year-on-year basis was caused by increases in prices of; “Bread, Maize Grains, Guinea Corn, etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable, etc (Oil & Fats Class) and
Ovaltine, Milo, Lipton, etc (Coffee, Tea & Cocoa Class).”

But on a month-on-month basis, the food inflation rate in August 2024 was 2.37 percent, a 0.10% decrease compared to the rate recorded in July 2024 (2.47 percent).

“The fall can be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.”

It added that the average annual rate of Food inflation for the twelve months ending August 2024 over the previous twelve-month average was 36.99 percent, which was 11.98 percent points increase from the average annual rate of change recorded in August 2023 (25.01 percent).

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