International Breweries Plc Director gains 8.4M Shares Worth ₦ 41.7M

A Non-Executive Director of an International Breweries Plc, Michael Onochie Ajukwu has bought 8,346,021 ordinary shares of the company.

In a statement released and endorsed by the company’s secretary, Muyiwa Ayojimi, International Breweries, Michael Onochie Ajukwu bought a total of 8,346,021 shares at an average rate of N5.00 per unit.

Details of the transaction are listed below:

• 8,308,421 Shares at N5.00 – 4 August 2021
• 37,600 Shares at N5.00 – 5 August 2021

Insider dealings give clues on insiders’ sentiment and director unlike before the new transparent policy where shareholders do not know what executives that formulates policy that impacts their desire stocks are doing.

Brief Profile of the Non-Executive Director

Mr. Ajukwu has over 21 years of experience in the banking industry and an extensive understanding of the Nigerian Political Economy with a special focus on Energy, Real Estate, and Adolescent Education.

Mr. Ajukwu has other directorships at the following places:

• Chairman, Broad Street – Capital Partners
• Independent Non-Executive Director – Sterling Bank Plc
• Independent Non-Executive Director – Tiger Brands South Africa
• Independent Non-Executive Director – MTN Nigeria
• Non-Executive Director – Novotel Hotel.

International Breweries Reports N11.3B Loss in Q2 2021…

International Breweries Plc reported in its Q2 financial statements that its revenue rose to N42.99 billion in Q2 2021, against the corresponding period.

However, the brewer’s loss before tax stood at N13.66bn in Q2 2201, from a loss of N4.29bn in Q2 2020; while loss after tax stood at N11.31bn in Q2 2021 from a loss of N3.71bn in Q2 2020.

According to the financial result obtained, International Breweries’ gross profit rose by 165% YoY to N8.93bn in Q2 2021. Operating expense increased by 52% YoY to N11.27bn in Q2 2021, driven by higher marketing expense (+220% YoY to N4.71bn) during the period.