Although our purpose guides us to think about more than profit, NBL has been astute over the past years in managing costs when volumes fluctuate. We are quick to recalibrate expenses to protect profitability when market conditions and demand curves change. This protects the sustainability of our business.

NBL’s operating profit of N$613 million exceeded expectations. We achieved a 35% increase despite overall lower volumes. Operating profit matched 2019 results.

Revenue remained consistent with prior year despite lower volumes, and was bolstered by the first inflation-related price increase on returnable packs in 24 months, implemented in June 2020.

Download the full 2021 Annual Financial Statements