1 Top Management and Board of Directors; 2 Peer Comparison & Ranking of NB; 3 Currency Synopsis: Nigerian Naira (NGN)
Top Management and Board of Directors
Top Management Top Management [Three top executives with tenure > 17 yrs]
Name | Designation | Since Appointment | Uaboi Agbebaku | Company Secretary | 17 Yrs, 6 Mos | Nicolaas Vervelde | Chief Executive Officer | - | Kolawole Jamodu | Non-Executive Chairman | - |
Board Of Directors Board Of Directors [Nine directors with tenure > 11 yrs]
Name | Designation | Since Appointment | Mark P. Rutten | Director | 11 Yrs, 6 Mos | Frank Nweke | Non-Executive Director | 14 Yrs, 6 Mos | Thomas de Man | Non-Executive Director | 22 Yrs, 6 Mos | Atedo Peterside | Non-Executive Director | 17 Yrs, 6 Mos | Olusegun Adebanji | Non-Executive Director | 18 Yrs, 6 Mos | Sijbe Hiemstra | Non-Executive Director | 14 Yrs, 6 Mos | Obadiah Mailafia | Director | - | Paul Hamers | Non-Executive Director | - | Ishmael Yamson | Non-Executive Director | - |
Peer Comparison & Ranking of NB BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Nigerian Breweries vs Nigerian Market
Out of 126 stocks in the Nigerian Market, Nigerian Breweries is ranked eleventh(11) by P/Sales, Thirty-eighth(38) by Total Debt/Equity, Sixty-fourth(64) by Premium to 52-Wk Low and Seventy-first(71) by Price/Net Tangible Assets.
| Nigerian Avg | NB | NB Rank | P/Sales | 1.6x | 1.7x | 11 | Total Debt/Equity (the lower the better) | 1.3x | 0.4x | 38 | Premium to 52-Wk Low (%) | 45.2 | 140.99 | 64 | Price/Net Tangible Assets | 3.3x | 5.3x | 71 | Discount to 52-Wk High (%) | 2.4 | 3.4 | 94 | EBITDA Margin% | 15.6 | (7.7) | 100 | Net Profit $ | 52.7 M | (94.6 M) | 140 | Negative values are shown in brackets. Stock in Index and Stock in Sector
Description | NB | All Shares Index | % of All Shares Index | Food/beverage/tobacco sector | % of Food/beverage/tobacco sector | Net Profit $ | -94,611,367 | 1.8 B | -5.2 | -100,003,443 | 94.6 | Revenue $ | 708.1 M | 10.7 B | 6.6 | 2.3 B | 30.7 | Total Assets $ | 743.3 M | 90.3 B | 0.8 | 2.3 B | 32.4 | MCap $ | 1.2 B | 14 B | 8.8 | 4.9 B | 25.4 |
Relative Valuation Indicators: Stock vs Index and Stock vs Sector
Description | NB | All Shares Index Avg. | Food/beverage/tobacco sector Avg. | Price/Earnings | -5.0 | 7.0 | -39.5 | Price/Net Tangible Assets | 5.31 | 1.56 | 11.75 | Total Debt/Equity (the lower the better) | 0.36x | 1.14x | 1.01x |
MARKET SHARE Nigerian Breweries has a position of market dominance in the Food/Beverage/Tobacco sector. Nigerian Breweries vs Food/Beverage/Tobacco sector [Food/Beverage/Tobacco sector Total in Brackets] Revenue of NGN1,084.4 billion ($708.1 million)[74.0% of aggregate sector revenue of NGN3,528.4 billion; up from 71.7% in the previous year.]
GLOBAL RANK [out of 45,755 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,886 stocks]
Description | Value | Global Rank | In MEA Region | MCap ($) | 1.2B | 8,074 | 278 | Total Assets ($) | 743.3M | 12,402 | 522 | Revenue ($) | 708.1M | 8,639 | 252 | Net Profit ($) | (94.6M) | 40,467 | 1,752 | Return on Equity % | (31.2) | 35,984 | 1,642 | Net Profit Margin % | (13.4) | 32,289 | 1,498 | PV1000 (1Year) $* | 2,033 | 2,539 | 148 | $* Change (1Year) % | 13.0 | 13,712 | 678 |
* 1 year ago $1 = NGN 1,531.39 Jul 04, 2025: $ 1 equals NGN 1,531.39
RANK OF NIGERIAN BREWERIES IN THE ALL SHARES INDEX [out of 81 stocks], IN THE NIGERIAN MARKET [out of 123 stocks] AND IN THE FOOD/BEVERAGE/TOBACCO SECTOR [out of 11 stocks]
Description | Value | In All Shares Index | In Nigerian Market | In Food/beverage/tobacco sector | Total Assets (NGN) | 1,138.3B | 10 | 19 | 1 | Return on Equity % | (31.2) | 62 | 102 | 6 | Net Profit Margin % | (13.4) | 64 | 102 | 8 | Price to Book | 5.3 | 55 | 82 | 5 | PV1000 (1Year) NGN | 2,042 | 43 | 56 | 8 |
LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Nigerian Breweries is ranked number 2 out of 12 listed food/beverage/tobacco companies in the Nigeria with a market capitalization of NGN1,885.1 billion ($1.2 billion).
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.
Currency Synopsis: Nigerian Naira (NGN) % Change of NGN vs Currency Basket Period-Based In the past year the Nigerian Naira fell 0.8% against the US Dollars; in the past three years the Nigerian Naira fell 72.9% against the US Dollars.
Last | Country | 1-day % | 1-week % | 1-Year % | 3-Yrs % | NGN1=0.001USD | United States Of America | -0.1 | 0.8 | -0.8 | -72.9 | NGN1=0.005CNY | China | -0.1 | 0.8 | -2.1 | -71.0 | NGN1=0.095JPY | Japan | 0.7 | 1.3 | -10.9 | -70.9 | NGN1=0.001EUR | European Union | 0.1 | 0.4 | -8.7 | -76.1 | NGN1=0.89KRW | South Korea | 0.2 | 1.5 | -2.6 | -71.6 | NGN1=0.001SGD | Singapore | - | 0.8 | -6.4 | -75.3 | NGN1=0.001NZD | New Zealand | 0.1 | 0.9 | -0.4 | -72.4 | NGN1=-GBP | United Kingdom | -0.5 | 1.5 | -7.7 | -76.2 | NGN1=0.001AUD | Australia | -0.1 | 0.6 | 1.6 | -72.0 | NGN1=0.005HKD | Hong Kong | -0.1 | 0.8 | -0.2 | -72.9 | NGN1=0.001CHF | Switzerland | 0.3 | 0.4 | -12.3 | -77.6 | NGN1=0.001CAD | Canada | -0.5 | 0.5 | -1.3 | -71.5 | NGN1=0.006SEK | Sweden | 0.2 | 1.8 | -10.1 | -74.9 | NGN1=0.007NOK | Norway | -0.5 | 0.9 | -5.1 | -72.7 | NGN1=0.012MXN | Mexico | -0.6 | -0.3 | 2.2 | -75.2 |
1 Financials as Reported FY 2024, Past 10 Years
Financials as Reported FY 2024, Past 10 Years Financials as reported (FY 2024 [year-ended 31 December 2024 ])
RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In NGN Thousand, except per share data and shares outstanding)
INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 31 December 2024 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2024 | 2023 | Change % | CONTINUING OPERATIONS | | | | Revenue | 1,084,435,998 | 599,643,031 | Up 80.8 | Cost of sales | -764,520,390 | -387,032,454 | Deterioration 97.5 | Gross profit | 319,915,608 | 212,610,459 | Up 50.5 | Other income | 4,028,939 | 2,957,510 | Up 36.2 | Selling and distribution expenses | -203,238,705 | -142,492,958 | Deterioration 42.6 | Administrative expenses | -46,755,269 | -28,641,677 | Deterioration 63.2 | Expected credit loss on financial assets | -4,053,590 | -469,923 | Deterioration 762.6 | Profit from operating activities | 69,896,983 | 43,963,411 | Up 59.0 | Finance income | 4,242,160 | 513,239 | Up 726.5 | Net loss on foreign exchange transactions | -157,594,582 | -153,332,605 | Deterioration 2.8 | Finance costs | -99,462,019 | -36,368,316 | Deterioration 173.5 | Net finance costs | -252,814,441 | -189,187,682 | Deterioration 33.6 | Loss before tax | -182,917,458 | -145,224,271 | Deterioration 26.0 | Income tax | 38,033,964 | 38,916,714 | Down 2.3 | Loss after tax from continuing operations | -144,883,494 | -106,307,557 | Deterioration 36.3 | DISCONTINUED OPERATIONS | | | | Loss for the year from discontinued operations | -112,754 | | | Loss for the year | -144,996,248 | -106,307,557 | Deterioration 36.4 | Loss for the year attributable to: | -144,887,239 | -106,307,557 | Deterioration 36.3 | Owners of the Company | | | | Non-controlling interest | -109,009 | | | Loss for the year | -144,996,248 | -106,307,557 | Deterioration 36.4 | Loss per share | | | | Basic loss per share (kobo) | -1,207.0 Kobo | -1,280.0 Kobo | Reduced 5.7 | Diluted loss per share (kobo) | -1,207.0 Kobo | -1,280.0 Kobo | Improved 5.7 |
BALANCE SHEET AS REPORTED (FY 2024 [year-ended 31 December 2024 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2024 | 2023 | Change % | ASSETS | | | | Property plant and equipment | 535,270,542 | 441,433,475 | Up 21.3 | Right-of-use assets | 8,995,840 | 8,945,331 | Up 0.6 | Intangible assets and goodwill | 99,843,788 | 91,913,959 | Up 8.6 | Investments | 150,000 | 150,000 | Steady | Deferred tax Asset | 66,676,061 | 23,710,466 | Up 181.2 | Other receivables | 2,635,656 | 2,152,592 | Up 22.4 | Non-current assets | 713,571,887 | 568,305,823 | Up 25.6 | Inventories | 181,259,479 | 122,035,547 | Up 48.5 | Trade and other receivables | 52,719,715 | 46,788,739 | Up 12.7 | Prepayments | 4,150,181 | 2,970,328 | Up 39.7 | Deposit for imports | 35,022,710 | 16,206,296 | Up 116.1 | Cash and cash equivalents | 150,587,526 | 39,566,373 | Up 280.6 | Assets held for sale | 964,150 | | | Current assets | 424,703,761 | 227,567,283 | Up 86.6 | Total assets | 1,138,275,648 | 795,873,106 | Up 43.0 | EQUITY | | | | Share capital | 15,491,513 | 5,138,066 | Up 201.5 | Share premium | 615,903,127 | 82,943,935 | Up 642.6 | Share based payment reserve | 1,436,397 | 1,469,827 | Down 2.3 | Retained earnings | -169,799,542 | -26,267,451 | Deterioration 546.4 | Equity attributable to owners of the Company | 463,031,495 | 63,284,377 | Up 631.7 | Non-controlling interest | 912,238 | | | Total equity | 463,943,733 | 63,284,377 | Up 633.1 | LIABILITIES | | | | Loans and borrowings. | 40,000,000 | 136,283,827 | Down 70.6 | Lease liabilities. | | 1,684 | | Employee benefits | 9,745,943 | 11,837,931 | Down 17.7 | Non-current liabilities | 49,745,943 | 148,123,442 | Down 66.4 | Loans and borrowings | 169,050,310 | 205,318,151 | Down 17.7 | Lease liabilities | 2,812 | 29,561 | Down 90.5 | Current tax liabilities | 10,402,030 | 6,716,463 | Up 54.9 | Dividend payable | 7,174,392 | 14,621,974 | Down 50.9 | Trade and other payables | 435,568,129 | 355,288,752 | Up 22.6 | Provisions | 1,922,651 | 2,490,386 | Down 22.8 | Liabilities directly associated with assets classified as held for sale | 465,648 | | | Current liabilities | 624,585,972 | 584,465,287 | Up 6.9 | Total liabilities | 674,331,915 | 732,588,729 | Down 8.0 | Total equity and liabilities | 1,138,275,648 | 795,873,106 | Up 43.0 |
CASH FLOW AS REPORTED (FY 2024 [year-ended 31 December 2024 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2024 | 2023 | Change % | Loss for the year | -144,996,248 | -106,307,557 | Deterioration 36.4 | Adjustments for: | | | | Depreciation | 53,514,763 | 46,392,351 | Up 15.4 | Amortisation of intangible assets | 1,808,676 | 1,639,085 | Up 10.3 | Finance income | -4,242,160 | -513,239 | Deterioration 726.5 | Interest expenses | 99,462,019 | 36,368,316 | Up 173.5 | Loss /(Gain) on foreign exchange transactions | 106,101,574 | 5,557,480 | Up 1,809.2 | Employee benefit charge | 809,950 | 1,003,447 | Down 19.3 | Share based payment charge | 1,230,212 | 663,641 | Up 85.4 | Gain on sale of property plant and equipment | -1,296,306 | -117,157 | Deterioration 1,006.5 | Gain on sale of subsidiaries / JVs / Associates | | -329,547 | | Changes in provisions | -817,735 | 727,308 | Deterioration | Income tax expense | -38,033,964 | -38,916,714 | Improved 2.3 | Non cash items from disposal of subsidiary | | -380,536 | | | 73,540,781 | -54,213,122 | Recovery | Changes in: | | | | Inventories | -58,407,704 | -38,518,237 | Deterioration 51.6 | Trade and other receivables | -3,178,802 | -6,209,409 | Improved 48.8 | Prepayments | -1,179,853 | -1,012,127 | Deterioration 16.6 | Trade and other payables | 117,557,942 | 80,354,300 | Up 46.3 | Deposit for imports | -18,816,414 | -9,307,973 | Deterioration 102.2 | Cash (utilised by)/generated from operating activities | 109,515,950 | -28,906,568 | Recovery | Income tax paid | -3,033,062 | -9,322,347 | Improved 67.5 | Gratuity paid | -1,049,661 | -1,087,994 | Improved 3.5 | Other long term employee benefits paid | -1,278,810 | -1,301,776 | Improved 1.8 | Share Based Payment | -1,263,642 | -138,197 | Deterioration 814.4 | VAT paid* | -50,849,287 | -33,908,828 | Deterioration 50.0 | Net cash (utilised by)/generated from operating activities | 52,041,488 | -74,665,710 | Recovery | Cash flows from investing activities | | | | Finance income | 4,242,160 | 513,239 | Up 726.5 | Proceeds from sale of property plant and equipment | 1,307,165 | 312,036 | Up 318.9 | Acquisition of property plant and equipment | -137,571,739 | -98,741,992 | Deterioration 39.3 | Acquisition of subsidiaries & net of cash | -3,766,747 | | | Assets held for sale | -163,928 | | | Acquisition of right-of-use asset | -1,687,125 | -401,009 | Deterioration 320.7 | Acquisition of intangible assets | -2,941,210 | -127,942 | Deterioration 2,198.9 | Net cash used in investing activities | -140,581,424 | -98,445,668 | Deterioration 42.8 | Cash flows from financing activities | | | | Proceeds from loans and borrowings | 371,280,282 | 533,946,588 | Down 30.5 | Repayment of loans and borrowings | -598,272,078 | -336,487,094 | Deterioration 77.8 | Interest paid | -93,521,932 | -18,777,537 | Deterioration 398.1 | Proceeds on issue of shares | 543,312,639 | | | Repayment of lease liabilities | -39,803 | -16,480 | Deterioration 141.5 | Cash received from Registrars | 866,587 | 1,551,321 | Down 44.1 | Dividends paid | -8,314,169 | -6,067,868 | Deterioration 37.0 | Net cash from financing activities | 215,311,526 | 174,148,930 | Up 23.6 | Net increase in cash and cash equivalents | 126,771,590 | 1,037,552 | Up 12,118.3 | Effect of foreign exchange rate changes on cash and cash equivalent | -15,750,437 | 16,347,980 | Deterioration | Cash and cash equivalents at 1st January | 39,566,373 | 22,180,841 | Up 78.4 | Cash and cash equivalents at 31st December | 150,587,526 | 39,566,373 | Up 280.6 |
Download NIGERIAN BREWERIES Financials Past 10 Years
Description (December 31) | 2024 | 2023 | 2022 | 2021 | 2020 | Income Statement | | | | | | Revenue per share | | | 66.35 | 54.68 | 42.32 | EBIT (B) | (83.5) | (108.9) | 25.8 | 34.8 | 29.9 | Interest (B) | 99.5 | 36.4 | 8.4 | 11.1 | 18.3 | Profit before tax (B) | (182.9) | (145.2) | 17.3 | 23.7 | 11.6 | Tax (B) | 38 | 38.9 | (4.2) | (11) | (4.2) | Net profit (B) | (144.9) | (106.3) | 13.2 | 12.7 | 7.4 | EPS | (12.07) | (12.8) | 1.58 | 1.57 | 0.92 | Balance Sheet | | | | | | Equity Share Capital (B) | 463 | 63.3 | 179.8 | 171.8 | 161.1 | Retained Earnings (B) | (169.8) | (26.3) | 90.8 | 90.1 | 83.1 | Total Debt (B) | 169.1 | 205.3 | 119.9 | 31.4 | 91.4 | Total Assets (B) | 1,138.3 | 795.9 | 619.9 | 485.5 | 445.9 | Current Asset (B) | 424.7 | 227.6 | 155.4 | 120.2 | 93.2 | Fixed Asset (B) | 535.3 | 441.4 | 359 | 257.2 | 213.4 | Working Capital (B) | (199.9) | (356.9) | (252.3) | (152.4) | (117.3) | Cash Flow | | | | | | Operating Cash Flow (B) | 52 | (74.7) | 22.5 | 91.6 | 83.3 | Investing Cash Flow (B) | (140.6) | (98.4) | (99.3) | (61) | (37.2) | Financing Cash Flow (B) | 215.3 | 174.1 | 82.1 | (44.2) | (22.1) | Net Cash Flow (B) | 126.8 | 1 | 5.3 | (13.6) | 24 |
Description (December 31) | 2019 | 2018 | 2017 | 2016 | 2015 | Income Statement | | | | | | Revenue per share | 40.56 | 40.56 | 43.26 | 39.7 | | EBIT (B) | 35.5 | 37.3 | 57.3 | 53.3 | 70.4 | Interest (B) | 12.1 | 7.9 | 10.7 | 13.6 | 15.9 | Profit before tax (B) | 23.4 | 29.4 | 46.6 | 39.7 | 54.5 | Tax (B) | (7.2) | (10) | (13.6) | 11.3 | 16.5 | Net profit (B) | 16.1 | 19.4 | 33 | 28.4 | 38.1 | EPS | 2.01 | 2.43 | 4.13 | 3.58 | 482 | Balance Sheet | | | | | | Equity Share Capital (B) | 167.7 | 166.7 | 178.2 | 165.8 | 172.2 | Retained Earnings (B) | 89.4 | 88.2 | 99.7 | 96.3 | 103 | Total Debt (B) | 55.7 | 42.6 | 8.5 | 17.9 | 22.2 | Total Assets (B) | 382.8 | 388.3 | 382.2 | 367.1 | 356.2 | Current Asset (B) | 72.5 | 86.3 | 87.5 | 74.6 | 57.5 | Fixed Asset (B) | 201.9 | 203.5 | 195.2 | 191.2 | 197.3 | Working Capital (B) | (55) | (63.1) | (68.6) | (69.7) | (82.6) | Cash Flow | | | | | | Operating Cash Flow (B) | 38.9 | 30.5 | 72.1 | 70.2 | 72.6 | Investing Cash Flow (B) | (30.1) | (29.8) | (32.1) | (18.8) | (32.4) | Financing Cash Flow (B) | (15.7) | (2.8) | (35.9) | (26) | (59.8) | Net Cash Flow (B) | (7) | (2.1) | 4.1 | 25.4 | (19.6) |
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