East African Breweries Limited half-year profit jumps to Sh8.7bn on bars reopening

East African Breweries Limited (EABL) net profit has more than doubled in the six months to December on the back of higher alcohol sales as Covid-19 restrictions eased, and bars re-opened.

The brewer’s net earnings jumped 130 percent to Sh8.7 billion from Sh3.79 billion booked in a similar period in 2020.

EABL Group chief executive Jane Karuku said the re-opening of bars in the second quarter boosted its total sales, which jumped to Sh54.9 billion, or 23 percent, for the period from Sh44.4 billion a year earlier.

“EABL’s performance for the half-year ended 31 December 2021 demonstrates a strong recovery from the impact of the Covid-19 pandemic that affected the last two financial years,” said the brewer in a statement on Thursday.

Revenues from Kenya grew 27 percent, followed by Uganda 18 percent and Tanzania at 15 percent.

The Nairobi Securities Exchange-listed firm has declared an interim dividend of Sh3.75 per share, resuming the payout after it had for the first time withheld it to conserve cash following the pandemic.