NAIROBI (Reuters) - East African Breweries posted a 24 percent rise in full-year pretax profit, driven by increased sales of its beer and spirit products, and predicted it would attract new customers to further boost earnings this year.
EABL Chief Executive Devlin Hainsworth said he expected earnings to grow further as the company targets customers who buy alcohol from the illicit and home brew market, which is estimated to be the same size as the established beer market.
"(The growth) is being driven right across the product portfolio and geographical markets," Hainsworth told investors at a briefing in Nairobi.
The company, which is controlled by Britain's Diageo, said pretax profit rose to 15.25 billion shillings.
Revenue rose 24 percent to 55.5 billion shillings for the 12 months to the end of June, lifted by a 21 percent growth in beer sales and a 47 percent growth in sales of spirits like Johnnie Walker.
Its regional markets also posted buoyant growth with Uganda and Tanzania recording growth of 38 percent and 76 percent, respectively, while the Great Lakes markets of Rwanda, Burundi and eastern Congo grew by 30 percent.
EABL's cost of sales rose 26 percent, outpacing the top line growth, mainly due to soaring inflation in the region during the year under review, it said.
The firm maintained its total dividend for the year at 8.75 shillings per share.
Source: http://news.yahoo.com/east-african-breweries-posts-24-pct-jump-fy-054908345--sector.html
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