EABL’s profit jumps 124 per cent to Sh15.6b
East African Breweries Limited (EABL) has shaken off the Covid-19 pandemic shocks to more than double its net profit to Sh15.57 billion in the full-year ended June.
The company had made a net profit of Sh6.96 billion a year earlier. The 124 per cent profit growth was helped by higher net sales, which increased 27.28 per cent to Sh109.40 billion from Sh85.96 billion.
EABL’s board has declared a final dividend of Sh7.25 per share adding to an interim dividend of Sh3.75 as the manufacturer resumes the issuance of dividends.
This brings EABL’s total dividend for the period to Sh11 per share or a cumulative payout of Sh5.7 billion to be paid on or about October 30. The performance has seen the brewer continue paying dividends, promising shareholders an additional Sh7.25 per share or an aggregate of Sh5.73 billion in final dividends.
EABL had suspended dividends after the economic crisis and the closure of bars in 2020 hit its earnings. However, Group chairman Martin Oduor said although the results show that the firm is now ahead of the pre-Covid growth trajectory, the challenging macroeconomic environment, and volatile tax and regulatory policy still continue to impact the business.