EABL half-year net profit down 28pc as it takes beating from excise tax

EABL's Group Managing Director Andrew Cowan PHOTO: COURTESY

East African Breweries Ltd has reported a 28 per cent drop in half year net profits as it took a beating from a rise in excise tax and adjusted its earnings from last year’s sale of its glass manufacturing business.

The brewer yesterday said its net profit was Sh5.6 billion in the six months to December 2016, down from the Sh7.7 billion reported in a similar period last year. However, without the one-off Sh2.2 billion sale of Central Glass Industries (CGI), the brewer said its net profit from operating activities rose marginally by 2 per cent, to Sh5.6 billion.