Nigerian Breweries Plc Chief Executive Officer Mr. Nicolaas Vervelde will step down on 16 June 2017, to take up a new role within Heineken Group outside Nigeria.
In spite of the an economic downturn that created a severe dollar scarcity which slowed down economic activities, Velvelde, through focus strategy and market penetration, ensured his company stayed afloat while adding value to shareholders fund.
Nigerian Breweries Plc, the local unit of Heineken NV, reported a 9.56 percent increase in first quarter profit, helped by a reduction in interest expense and increase in the price of key products.
Net income rose to N11.45 billion from N10.45 billion a year earlier, the company said in a statement on Friday. Earnings Before Interest Taxation, Amortization and Depreciation (EBITDA) increased by 20.60 percent to N30.20 billion.
The company has been recording strong sales and profit since Mr.Vervelde joined it in 2010.
Sales moved by 17.70 percent to N91.28 billion as increase in the price of driven by strong performance of the economy brands, such as Life and Goldberg.
Under Mr. Vervelde leadership, the company planning on giving shareholders the option of taking new shares in lire of a cash dividend, with a view to using the proceeds to cutting interest costs and funding working capital.
The proactive chief executive officer ensured the company sourced 50 percent to its materials locally and announced that the Nigerian brewer achieve 60 percent local content for raw materials by 2020.
