By Jeremiah Ogola
East African Breweries Limited today announced its half year results for the six months period ended 31st December 2015 delivering 16% growth in profit after tax from continuing operations driven by net sales growth of 8%.
The results were driven by double digit growth in five out of eight product segments and recovery inSenator keg post the review in duty remission in Kenya.
EABL Group Managing Director Charles Ireland says the results were driven by double digit growth in five out of eight product segments and recovery in senator keg after the review in duty remission in Kenya.
EABL’s profit after tax from continued operations grew by 16% to 5.5 billion shillings.
Ireland says overall results were driven by double digit growth in five out of eight product segments and recovery in senator keg post the review in duty remission in Kenya.
“We have delivered solid performance despite the challenging economic environment in East Africa” said EABL Group Managing Director, Charles Ireland. We have seen in the business volatility and foreign currency challenges across the region, however we have a clear strategy and will continue to build on new opportunities to drive our business growth” added Mr. Ireland.
Total’s profit for the half grew by 67% to 7.7 billion shillings inclusive of the contribution from the disposal of CGI, the glass making subsidiary and netting off nearly 1 billion shillings of negative impact from south Sudanese pound currency devaluation.
Cash flow from operating activities increased by 51% to 11.4% as a result of efficient management of working capital. KBL managing director, Jane Kariuki says Kenya has delivered 22% net sales growth, mainly driven by a good performance from senator keg and spirit.
However net sales in Uganda and Tanzania remained flat in local currency terms, with a decline in the export markets mainly due to the volatile environment in South Sudan.
The board of directors recommended an interim dividend of 2 shillings per share up from 1.50 shillings last year