- DAILY NEWS Reporter
TANZANIA Breweries Limited (TBL) has posted six per cent profit increase to 228.98bn/- for the year ended March 2016 compared to 216.55bn/- registered in the previous year, despite challenging market and economic conditions.
The company’s financial results show a
four per cent revenue increase to 1.11tri/- from 1.073tri/- of the
preceding year, driven mainly by volume growth mainly due to price
stability following non rise of excise duty and well stable disposal
income.
TBL is listed at the Dar es Salaam Stock
Exchange (DSE) and yesterday it traded at the price of 13,500/- per
share compared to 13,590/- per share on Tuesday. Traditional beer
volumes were significantly up on prior year with impressive growth from
Chibuku super.
Other brands that performed
exceptionally during the period under review are Eagle Lager, Balimi and
Bia Bingwa while wines and spirits volumes decreased on account of
increased competition.
The operating profit increased by four
per cent to 330.07bn/- compared to 318.33bn/- of the year before due to
production and cost efficiencies.
The total cash generated from operations
during the period was 373bn/- of which 93bn/- utilised to pay corporate
tax and the remaining amount funded capital expenditure, repayment of
bank borrowings and interest expenses.
During the period the depreciation of
the local currency by over 25 per cent against the US dollar placed
additional pressure on the cost of imported raw materials. Shareholders
earnings continued to increase with 184bn/- being paid as dividends
largely due to volume growth, improved efficiencies and focused cost
management.
The TBL subsidiaries comprises of the
Tanzania Distilleries Limited, DarBrew Limited and Kibo Breweries
Limited. The brewer also engages in the production, distribution and
sale of malt beer and alcoholic fruit beverages in the country. It
operates breweries in Dar es Salaam, Arusha, Mbeya and Mwanza and
thirteen depots throughout the country.
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