Steep cuts in operating costs and product price increases have helped companies in the consumer space boost their profits in the first quarter of 2017 overcoming the difficult operating environment they faced in 2016.
Early results from Nigerian Breweries Plc and Unilever Nigeria Plc show the companies have started benefiting from the operating efficiency decisions implemented in 2016.
Analysts say their latest results appear impressive from the point of view of revenue and operating expenses (opex) even as these companies may have also benefited from weaker competition, as they continue to grow market share.
Nigerian Breweries, the second most capitalised listed company on the local stock exchange, with a market capitalisation of N952.3billion, grew after tax profit by 9.5 percent to N11.4 billion in the first quarter of 2017, from N10.5 billion in the same period of 2016.
LOLADE AKINMURELE
Early results from Nigerian Breweries, Unilever indicate consumer firms over 2016 difficulties
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