The East African Breweries Limited (EABL) Profit After Tax dropped by 12 per cent to Ksh.10.9 billion in the full year ending June 30, 2024.
The brewer’s earnings were weighed down by interest payments, rising inflation, shilling devaluation, social unrest, and floods.
This, being a drop from Ksh.12.32 billion registered in the full year ending June 30, 2023, the brewer saw a slight growth in volume at 1 per cent while the cost of operations grew by 18 per cent in the same period.
For EABL, 2024 can only be described as a year with mixed fortunes, characterized by a significant bag of challenges as well as remarkable achievements.
EABL management noted that the year which ended on June 30 was further characterised by volatility in the East African region and a significant fluctuation in the exchange rate, a cocktail of challenges that saw the brewer’s earnings after tax drop by 12 percent from Ksh.12.3 billion in 2023, to close the year at Ksh.10.9 billion.
The drop in earnings came on the backdrop of an increase in volume which grew by 1 percent. The brewers also saw an increase in net sales which went up 13 percent to stand at Ksh.124.1 billion while their operating profit also grew by 10 percent to Ksh.28.8 billion.
