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Shares in Nigerian Breweries (NB) rose sharply after the company announced a 129% increase in half-year profits to the end of June.

The Heineken subsidiary reported after-tax six-month profits of NGN4.8bn (US$37m), up from NGN2.1bn in the first half of last year.

Strong buying following the publication of the brewer's results resulted in a 5% increase in the company's share price.

"Investors bought the stock in reaction to the latest result, which they considered a good one," said Henry Olayemi of stockbrokers Reward Investment and Services Ltd. "The increase in turnover was marginal, under 12%, but better control of internal resources and cash flow management was responsible for the increase in after-tax profit."

Heineken owns a 54% stake in Nigerian Breweries which claims 63% of the Nigerian beverage market.


Sectors: Beer & cider

Companies: Heineken

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