EABL net profit down 12% to Sh10.9bn
- Published By Jane Njeri For The Statesman Digital
- 4 months ago
The East African Breweries Limited (EABL) profit after tax dropped by 12 percent to Sh10.9 billion in the full year ending last month, weighed down by rising inflation, shilling devaluation, social unrest, and floods.
This was a slight drop from Sh12.32 billion in the full year ending June 30, 2023.
In September last year, Kenya’s inflation stood at 6.8 percent, forcing Kenyans to reduce spending on entertainment, et cetera.
The country’s currency also lost value against major currencies such as the US Dollar, Euros, and Sterling Pound.
For instance, the local unit was trading at one US dollar for about Sh160 early this year.
“Inflationary pressures, regulatory changes, rising interest rates and fluctuating currency posed substantial hurdles for consumer spending and business operations,” EABL Group Chairman Martin Oduor-Otieno.
In the period, however, net sales expanded by 13 percent to Sh124.1 billion, buoyed by strategic pricing, a strong portfolio, and new product innovations.
“The Board of Directors recommends a nal dividend of Kshs 6.00 per share subject to withholding tax. This dividend is scheduled for payment on or about 28th October 2024 to shareholders who are duly registered at the close of business on 16th September 2024. If approved, the total dividend for the year will amount to Kshs 7.00 per share (FY 2023: Kshs 5.50).”
Share on
SHARE YOUR COMMENT
MORE STORIES FOR YOU
Trending Stories
DJ Mo’s former illicit lo...
- Published By Jane
- January 15, 2024
Mapenzi! Zari and Tanasha...
- Published By Jane
- October 24, 2023
Zuchu Speaks on Diamond P...
- Published By Jane
- October 12, 2023
Hio Ni Upumbavu Wasituche...
- Published By Jane
- November 8, 2023
RECOMMENDED FOR YOU
How to deal with a silent...
- Published By Jedida
- October 16, 2024
How to set yourself up fo...
- Published By Jedida
- October 16, 2024
Postpartum Hemorrhage: Si...
- Published By Jedida
- October 16, 2024
Study reveals long term e...
- Published By Jedida
- October 16, 2024
Latest Stories
KeNHA temporary closes So...
- Published By Jedida
- December 24, 2024
Kiambu: Man kills his wif...
- Published By Jedida
- December 24, 2024
NTSA summons 2 PSV owners...
- Published By Jedida
- December 24, 2024
Peter Muteti's whereabout...
- Published By Jedida
- December 24, 2024