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Nigerian Breweries Jumps to Record High as Profit Climbs 6.6%

July 18 (Bloomberg) -- Nigerian Breweries Plc, the country’s biggest brewer by market value, rose to highest on record after it reported that first-half profit increased 6.6 percent from a year earlier.

The stock gained 3.6 percent to 179.40 naira by the close in Lagos, Nigeria’s commercial capital, rallying for a sixth day to the highest since at least January 2002 when Bloomberg began compiling the data. More than 1.4 million shares traded, or 67 percent of the three-month daily average.

Net income in the period through June rose to 20.7 billion naira ($128 million) from 19.4 billion naira a year earlier, it said today in filing to the Nigerian Stock Exchange. Revenue advanced 7.4 percent to 133.8 billion naira. In the first quarter, Nigerian Breweries’ profit was 9.4 billion naira.

Nigerian Breweries, a unit of Heineken NV, acquired Sona Systems Associates Business Management Ltd. and Life Breweries Co. in 2011 to expand its capacity and add to its brands. Its shares have risen 22 percent this year, compared with a 36 percent rise in the Nigerian Stock Exchange All-Share Index, the second-best in Africa.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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