EABL record 27 per cent increase in net profit to Sh15.6billion
The East African Breweries Limited (EABL) has reported an increase in net profit of Sh15.6 billion from Sh7 billion in the year that ended in June 30, 2022.
The group reported Sh109.4 billion in net sales for the full year representing a 27 per cent growth compared to the same period last year, as the business marks 100 years of operations in the region.
EABL Group Managing Director Jane Karuku stated that EABL has delivered another set of consistent strong results across key metrics.
“These results reflect the high-performance culture we have created across the business, the rigorous execution of our strategy, the strength of our portfolio across categories and our agility in responding to emerging trends and insights,” she said.
EABL issued a final dividend of Sh7.25 per share, in addition to an interim dividend of Sh3.75 as the manufacturer resumes dividend distribution at the full year stage after discontinuing it last year.
This takes EABL’s total dividend for the period to Sh11 per share, for a total payout of Sh5.7 billion due on or around October 30.
The earnings increase of 123 per cent is mostly due to the near-complete recovery of sales following the removal of most COVID-19-related limitations last year, which had hindered the operations of bars and entertainment venues.
Kenya led the way in terms of sales recovery, with revenues increasing by 30 per cent, followed by Uganda (24 per cent), and Tanzania (21 per cent).
The company’s continuing innovation and price increases in Kenya and Uganda based on excise duty revisions have also aided the company’s sales recovery.
Karuku claims that the good results reflect the company’s efficiency in executing plan in the face of operational environment shocks.
“Although our business has performed well this year, we anticipate that near-term volatility will prevail,” Karuku said.
“We stay laser-focused on executing on our strategic targets, aided by external emphasis, data-driven insights, and an everyday efficiency culture. “We anticipate continuous growth, sustained profitability, and consistent cash flow generation,” she added.
