Nigerian Breweries Plc. (NB) beat our 2020FY revenue forecast by c. 5% to deliver its first year on year growth since 2017FY. In what was an especially challenging year for the brewers (with supply chain disruption, widespread lockdowns, and social restrictions in place for most of the year), the company’s performance demonstrates its resilience. Full year revenue settled at NGN337.05bn (vs. our forecast of NGN320.49bn and NGN323.01bn from last year) – supported by a gradual return of on-trade points of sale in the second half of the year, festivity driven demand in Q4:2020, and price taking decisions on selected premium brands (including Heineken).
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