No plans to embark on product price review for now —NB Plc

THE management of the Nigerian Brewery Plc, has stated that despite the challenging operating environments, the company does not have, in its immediate plans, to review the prices of its products upwards.

Speaking at the company’s pre-Annual General Meeting Media, in Lagos recently, the Company Secretary/Legal Adviser, NB Plc, Mr. Uaboi Agbebaku, noted that the advent of the Covid 19 pandemic, the ongoing crisis between Russia and Ukraine, and even insecurity in the country, among other factors, had made the business pass through very inclement weather in the past few years.

He however argued that, in spite of those challenges, the company, which turned 75, last year, would use the wealth of experience, garnered over the decades, to weather the storm.

According to him, while the factors responsible for ithe price review it carried out last year, are still very much there, and even getting worse by the day, he however assured that the company would always be methodical when it comes to adjusting its product prices to reflect the realities on ground.

“Thougb the operating environments remain as challenged, even if not more challenged than ever, we are not in a hurry to review prices upwards again.

“We’ll always adopt a scientific approach, look at market dynamics, before taking a decision. It is not a rule of the thumb. As the dynamic changes, we also change our thinking. We’ll not just wake up one day and say we are increasing prices. We are going to be methodical in our approach,” he stated.

Also speaking at the event, the company’s Managing Director/CEO, Mr. Hans Esaadi expressed delight that the company was able to turn in an impressive financial record of 30% growth in revenue, in spite of the numerous odds against businesses in the year, under review.

Reiterating the company’s commitment to bringing succour to its operating environments, the company’s Corporate Affairs Director, Mrs. Sade Morgan explained that one of the company’s strategies at achieving that is through the rejuvenation of its Brew a Better World (BaBW) agenda, revolving around three focus areas of Environmental, Social and Responsible (ESR).