Heineken Books 37% Q2 Net Income Increase

Heineken's increasingly important Nigerian subsidiary Nigerian Breweries has reported a 37% year-on-year (y-o-y) increase in net income for its second quarter through to June 30 2009. Coming in at NGN16.85bn (US$113.7mn), Nigerian Breweries' net income posting re-affirmed the strength of the country's beer industry, which appears to have been only marginally affected by the economic downturn. BMI has forecast Nigeria's GDP growth to slow to 1.9% in 2009. With its market share standing at about 65%, Nigerian Breweries comfortably leads the market ahead of Guinness Nigeria and the recent entrant SABMiller. Nigerian Breweries is ideally placed to capitalise on a

To read the full article, please choose one of the following options: