East Africa Breweries registers strong regional growth despite 12% dip in net earnings
East Africa Breweries Limited has registered a 12 per cent drop in profitability to report 10.9 billion shillings in after tax for the fiscal year ended June 30. Despite the shrink in profits, net sales soared by 13 per cent to hit ticked up to hit 124.1 billion shillings with the regional growth remaining strong. East Africa Breweries Limited Chief Financial Officer, Risper Genga Ohaga spoke with CNBC Africa’s Aby Agina for more.
Tue, 30 Jul 2024 22:32:26 GMT
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AI Generated Summary
- Despite a 12 per cent dip in after-tax profits, East Africa Breweries Limited recorded a significant increase in net sales, showcasing strong regional growth.
- The company's regional subsidiaries experienced varying performance, with challenges in markets like Uganda and Tanzania balanced by growth opportunities and strategic investments.
- Key strategies for East Africa Breweries Limited moving forward include a focus on innovation, cost management, and shareholder value, amidst uncertainties in the tax environment.
East Africa Breweries Limited, a leading player in the beverage industry, has reported a 12 per cent drop in after-tax profits for the fiscal year ended June 30, amounting to 10.9 billion shillings. Despite the decline in profitability, the company saw a significant increase in net sales, which rose by 13 per cent to reach 124.1 billion shillings. The regional growth of the company has remained strong, showcasing resilience in the face of challenging market conditions. In a recent interview with CNBC Africa's Aby Agina, East Africa Breweries Limited's Chief Financial Officer, Risper Genga Ohaga, discussed the company's performance and strategies moving forward. The conversation delved into the performance of regional subsidiaries, key growth areas, downside risks, dividend declarations, and the impact of changing tax environments on future investments. Ohaga highlighted the mixed performance across different markets, emphasizing the company's commitment to innovation, cost management, and shareholder value. Despite uncertainties in the tax landscape, East Africa Breweries Limited remains focused on staying the course and navigating challenges with agility and strategic planning.
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