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Nigerian Breweries Reports 3Q Earnings, Calls Nweke Jr To Board

By on October 20, 2011

Nigerian Breweries, one of the most capitalized company’s on the Nigerian Stock Exchange, released its 3Q figures today reporting a net profit of N 24.8 Billion, an increase of 17.5% over the 3Q 2010 period.

Revenue was up an impressive 22.4% at N 160 Billion, whilst profit before tax also increased 17.6% to N 37.3 Billion from N 32 billion in the 3Q 2010 period.

In further news, the company announced the appointment of a new director, Frank Nweke Jr. Mr. Nweke is a Harvard trained technocrat that served as the Minister of Information and Communication under the Umaru Yaradua administration.
His appointment is as a non-executive director.

The company’s share price at was N 88.05 at the close of yesterday’s trading, up 2.31% this week.