Lagos (WorldStage Newsonline)-- The Nigerian Breweries on Wednesday declared that its volume and revenue growth in 2011 were a reflection of the continuous improvement in the supply of the company’s products as well as the increased investments in its brands.

The brewery giant recorded a turnover of N230.1 billion in the financial year ending December 2011, a growth of 23.8 per cent from N185.863 billion recorded in the corresponding year 2010, while operating profit grew by 26 per cent to N56, 647 billion. With this, the company recorded a profit after tax of N38.02 billion as against N30.332 billion in 2010, this representing a 24.4 per cent growth.

The result include the consolidation of the three-months figures of Sona Associated Business Management Limited, acquired in the last quarter of last year with those of Nigerian Breweries Plc.

Addressing the media at the company’s pre AGM media briefing held at Sheraton Hotel and Towers, Lagos, the Managing Director/Chief Executive, Nicolaas Vervelde said, that the volume and revenue growth for the company in 2011 were a reflection of the continuous improvement in the supply of the company’s products as well as the increased investments in its brands.

He added that the company’s effective cost management and enhanced human resource development further contributed to its impressive performance, noting that innovation played a key part in driving its achievements.

He further said that they launch of Heineken Magnum, Legend in cans and Fayrouz in PET bottles contributed to its volume and market share growth.

He noted that the board of the company had recommended the payment of a total dividend of N22.6billion or N3.00 per ordinary share of fifty kobo each for the financial year 2011, this representing an increase of 25 per cent over the N2.40 kobo paid in 2010.

Speaking on competition, he noted that competition had become more intense in the last few years, adding that the company was investing in the brand in order to offer Nigerian consumers better products, taste and also investment in capacity development.

He explained that the company was looking at a growing market with better capacity, adding at the end of all investment, the consumer would determine its choice of brand not the company.

On business outlook for the year, he said that company projected to continue its positive growth in 2012, adding that the company was well positioned to remain the leader in the business.

Speaking on Corporate Social Responsibility, Vervelde said that the company had a robust CSR portfolio and had executed solid projects in the areas of education, youth and talent development, as well as other areas of community development which had made it a recongnised development partner by various state governments and communities.

He listed donation of fully equipped classroom blocks across the country, donation of patrol vans to the police, promotion of safety on the road, as well as sponsorship of the Beyond School Programme, a career development initiative), National Arts Competition and the creative writing workshop as some of the programmes executed last year.