Nigerian Breweries Gains Most in 2 Weeks as Profit Rises 25%
Nigerian Breweries Plc (NB), the country’s biggest beer-maker by market value, rose the most in more than two weeks after full-year profit advanced 25 percent.
The stock gained 1.5 percent, the most since Feb. 17, to close at 94.90 naira, the highest since Feb. 27.
Net income for the 12 months through December rose to 38 billion naira ($241 million) from 30.3 billion naira a year earlier, the company said today in a statement published on the website of the Nigerian Stock Exchange. Sales climbed 24 percent to 230.1 billion naira from 185.9 billion naira.
The Heineken NV (HEIN) unit last year acquired Sona Systems Associates Business Management Ltd. and Life Breweries Co., to expand its capacity and extend its brands. The company expected the “overall impact of the consolidation” to be reflected in its 2011 full-year result, it said in a statement published on the website of the Nigerian Stock Exchange on Oct. 20.
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