Why we reviewed products’ prices thrice in 2016 —NB Plc

ALCOHOLIC and non-alcoholic beverage brewers, Nigerian Breweries Plc has explained that the company’s decision to review its prices thrice, last year, was informed by harsh economic realities and the increasing cost of doing business in the country.

Speaking at the company’s  trade partners awards, held in Lagos, over the weekend, the company’s Sales Director, Mr Herbert Eze, described Year 2016 as a tough one for the company, a development he stated informed its decision to ‘reluctantly’  increase its products’ prices thrice that year.

He commended the distributors and other trade partners present at the event for some achievements recorded by the company in 2016, noting that but for their resilience and hardwork, the outgone year would have been worse for the company.

Predicting a tough business year in 2017, the company’s Sales Director charged the distributors on the need to go extra length,  to ensure that they improve on their performances to enable them positively enhance their bottom-lines and that of the company.

“No doubt, 2016 was bad for business, the main reason why we had to reluctantly adjust our prices three times that year. And if not for your resilience, perhaps it would have been worse.

“Let me tell you, 2017 is going to be tough too, and I cannot even say which one will be tougher between last year and 2017; hence my charge to you to be more resilient and hardworking,” he stated.

In his remarks, the company’s Managing Director/ Chief Executive Officer, Mr Nicolaas Vervelde described the annual award as a way of recognising and rewarding the excellent performance of the company’s distributors and transporters for the year 2016, while also providing a platform to evaluate the previous year’s business performance and communicate new business strategies to distributors.

He noted that the distributors being rewarded at the event were those that had made strong sales outings in 2016, despite the nation’s very tough business terrain.

The NB Plc boss stated that the distributors were being awarded according to their performances in the outgone year.