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EABL full year profits drop to Sh7.3 billion from Sh8.5 billion in 2017

By Standard Reporter | Published Fri, July 27th 2018 at 10:38, Updated July 27th 2018 at 10:44 GMT +3
Agriculture CS Mwangi Kiunjuri serves a galss of Senator Keg when he toured the Kisumu Brewery during a test-run

NAIROBI, KENYA: East African Breweries has reported a 15 per cent drop in its full year results from Sh8.5 billion in 2017  to Sh7.3 billion in 2018 in what the company says is as a result of one-off tax provision.

The company’s net revenues for the period however rose by 5 per cent to Sh73.5 billion. Profits from operations was up by 4 per cent excluding the impact of provisions made for pending tax claims.

“Bottled beer, mainstream spirits and Scotch whisky growth across the region helped the Group volumes which grew by 7 per cent,” said Joyce Munene, Group Company Secretary.

EABL is currently on an expansion drive targeting improvement of capacity in Nairobi business and installation of new spirit lines in both Kenya and Uganda.

The construction of new brewery in Kisumu is complete and is currently conducting test runs, according to East African Breweries Ltd (EABL) Chairman Charles Muchene.

The plant would start commercial operations in the next two months. EABL Chief Executive Andrew Cowan said the decision to open the new plant in Kisumu was informed by the need ensure a trickle-down arising from production of safer beer outside Nairobi.

“The Nairobi plant had stretched its capacity against soaring demand,” he said.

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