WINDHOEK, 17 SEP – Namibia Breweries Limited (NBL)’s profits declined for the financial year ended 30 June 2018 due to weak consumer demand as a result of pressure on disposable income.
Announcing the group’s consolidated results for the year ended 30 June 2018 on the Namibia Stock Exchange (NSX) last week, the company said the muted consumer demand led to a 5,5 per cent decrease in sales volumes.
The company’s total revenue decreased from N$2.7 billion (N$2 708 978 000) in June 2017 to N$2.69 billion (N$2 687 174 000) at the end of June 2018.
“The business experienced muted consumer demand with pressure on disposal income contributing to a pervasive discount culture in the Namibian trade,” NBL said.
Headline earnings per share went up from 157.8 cents in June 2017 to 193.9 cents per share in June 2018.
Income generated from beer sales also dropped by N$40.9 million at the end of June 2018, recording a revenue of N$2.5 billion (N$2 503 595 000) from N$2.54 billion (N$2 544 531 000) in June 2017.
Further highlighting its financial performance, the company explained that the demand from South Africa remained strong and higher volumes than the minimum contracted were delivered to Sedibeng Brewery in Johannesburg.
“The focus will be on growing volumes in South Africa, in partnership with Heineken, while exploring longer-term opportunities to create a production footprint in one of the African export markets,” it said. – NAMPA
NBL profits decline
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