Buhari to Launch $250 Million Largest Brewery in West Africa

Enterprise Television – Buhari to Launch $250 Million Largest Brewery in West Africa

President Muhammadu Buhari will on Tuesday, August 28, 2018, launch International Breweries $250 million plant.

This was disclosed by the Plant Manager, Tony Agah during a media tour of the brewery located at the Flowergate Industrial Scheme, Sagamu-Abeokuta Expressway, Ogun State. The new plant will complement its existing breweries located in Ilesa, Onitsha and Port Harcourt.

“The new brewery will be the company’s largest plant within the group in Africa outside the one in South Africa. This will have a significant multiplier effect on the value chain within Ogun State and its environs,” Agah added.

The current entity is a product of the merger of the legacy International Breweries. Pabod Breweries and Intafact Beverages.

Results for the half year ended June 2018 show revenue increased from N17.4 billion in 2017 to N53.1 billion in 2018. The company made a loss before tax of N2.5 billion in 2018 as against a profit before tax of N275 million made in the corresponding period of 2017.

Loss after tax stood at N2.8 billion in 2018 as against a N52.2 million loss recorded in the comparative period 2017. International Breweries is majorly owned by AB Inbev, one of the world’s largest brewers.

International Breweries closed at N35.20 on Monday’s trading session on the Nigerian Stock Exchange (NSE), unchanged from last week Friday. Year to date, the stock is down 35.41%.

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