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Diageo’s Kenyan Unit Sees Improved Outlook as Earnings Climb
NAIROBI (Capital Markets in Africa) – East African Breweries Ltd., the region’s biggest brewer, said it’s optimistic about the outlook for the year ahead with its main market Kenya performing better and business in Tanzania returning to growth.
“Management is encouraged by trends in the second half of the year in Kenya, during which the business saw better performance in premium and mainstream beer,” the Nairobi-based company said in an emailed statement. “In Tanzania, the company made a settlement with the Fair Competition Commission after several years of uncertainty and the business is back in growth in the fourth quarter.”
The company, a unit of London-based Diageo Plc, posted a 6.2 percent increase in full-year profit as revenue gained 9.2 percent. Sales in Kenya, which accounts for three-quarters of the total, increased 4 percent, driven by better sales of spirits including Johnnie Walker whisky.
Mainstream-beer and premium beer shrank 6 percent and 8 percent respectively. That was offset by 7 percent growth in its “value beer” sales, the company said.
Source: Bloomberg Business News