Nigerian Breweries names Ben Wessels as new Finance Director

NIGERIA – Nigerian Breweries Plc (NB Plc), subsidiary of Heineken International, has announced that the company’s Finance Director, Mr. Rob Kleinjan will be completing his assignment in the organization on the 31st of August, 2022 to enable him take up another assignment within the Heineken group.

“Mr. Kleinjan joined the Board in 2018 and has contributed immensely to the turnaround of the Company in very complex and challenging times.

“The Board is very grateful to Mr. Kleinjan for his contributions to the Board and Company during his tenure,” stated the Brewer.

To fill his sit once he vacates, the Board has appointed Mr. Ben Wessels Boer effective 1st of September, 2022.

Mr. Boer, who is currently the Finance Director of Al-Ahram Beverages, the Heineken operating company in Egypt, joined the Heineken group in 2004 as a Finance Trainee.

He has thereafter held increasingly senior positions within the finance, control and accounting functions in Europe and the Americas.

“The Board is glad to welcome Mr. Boer to the team and looks forward to the wealth of experience, knowledge and insight he will be adding to the Board and the Company,” read the stamen by Nigerian Breweries.

As part of its board reshuffling, the maker of Star Lager beer has welcomed Mr. Ibrahim A. Puri to the Board as a Non-Executive Director.

Mr. Puri has over 30 years of cognate banking experience encompassing operations, marketing, retail, corporate banking, and human resource management.

He was until the end of July 2022, an Executive Director with United Bank for Africa Plc, responsible for the bank’s operations in Northern Nigeria.

Before then, he had managed Universal Trust Bank’s business in Northern Nigeria for more than a decade.

Nigerian Breweries posts triple digit growth on half year profit

The beverage manufacturer has undertaken the board reshuffling at a time it has registered a 31% rise in half year revenue for the period ended June 2022 from N209 billion (US$502m) to N274.03billion (US$658m).

The company’s performance comes on the heels of high inflation, during which consumers and businesses both had to contend with the rising cost of products and services.

According to the unaudited report and provisional results filed with the Nigerian Exchange Limited, the brewer’s Profit After Tax for the period under review rose by 142.8%, from N7.86billion (US$18.9m) to N19.08billion (US$45.8m). Similarly, basic earnings per share in H1 2022 was 237 kobo as against 97 kobo that was recorded in H1 last year.

The company’s increase in profit was driven mainly by top line growth resulting from its pricing strategy and better mix.

Further analysis of the results revealed that the Cost of Sales increased by 18.3%, from N131.34 billion (US$315m) in H1, 2021 to N155.35 billion (US$373m) in 2022 in the same corresponding period.

Marketing, Distribution, and Administrative expenses also rose by 44.6%, from N58.42 billion (US$140m) in H1, 2021 to N84.45 billion (US$203m) in H1, 2022, driven by the increase in commercial activities post-COVID, rising diesel prices and higher wages arising from collective labour agreements.

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