East African Breweries has reported a 22 per cent decline in half-year net profit for the period ended December 2023, as the brewer navigated a tough operating environment.
Profit after tax went down to Sh6.8 billion compared to same period last year, primarily driven by macro-economic-driven cost inflation and rising finance costs.
This wiped out gains made in net sales for the period which increased 16 per cent to Sh66.5 billion compared to the prior year.
EABL Group’s volumes increased by two per cent, lifted by resilient consumer demand, management said, as markets leveraged a strong and expanding portfolio "with brilliant commercial execution."
Beer and spirits categories grew at 18 per cent and 13 per cent, respectively.