TBL’s half year net profit rises
What you need to know:
- The TBL’s managing director Mr Jose Moran said the performance was mainly driven by the improvement in sales volume.
Dar es Salaam. The net profit for Tanzania Breweries (TBL Plc) rose by about 10 percent during the first half of 2022, thanks to an improvement in sales volumes as the economy recovers from the adverse impacts of the Covid-19 pandemic.
In its recently published unaudited quarterly financial statements, the company reported that in the first two quarters of 2022, it accumulated a net profit of Sh64.56 billion.
This was a Sh5.86 billion improvement from Sh58.7 billion that was recorded in the first six months of 2021.
The new financials come within a few weeks after the beer maker announced a Sh134.75 billion annual net profits for 2021.
This was also a rise from Sh89.08 billion that was registered during the preceding year.
The TBL’s managing director Mr Jose Moran said the performance was mainly driven by the improvement in sales volume.
He said in 2021, trade volumes grew by five percent compared to 2020.
“Wines and Spirits remained flat compared to the prior year, driven by strong performance on both export and with some challenges in local market after price increase due to changes in excise in spirit,” he stated in the company’s 2021 annual report.
The rise in the net profits also gives a glimpse of hope for the shareholders for 2022, as last year, TBL paid out total dividend of Sh75.59 billion to its shareholders.
The amount translate into a dividend per share of Sh255 which was a significant improvement from Sh160/share or a total of Sh52.96 billion that was shared in 2020.
Listed at the Dar es Salaam Stock Exchange (DSE), TBL Plc’s equity capital ranks Sh3.2 trillion, making it the company locally-listed firm at the bourse.
In its recently published financial statements, the firm’s board chairman, Mr Leornard Mususa said TBL Plc was also among the largest taxpayers in the country, making significant contributions to Government revenue.
In his annual report statement Mr Mususa said: “A total of Sh472 billion was paid to the Government during the year (2021), compared to Sh463 billion in prior year (2020)”.
TBL Plc is a member of the Anheuser Busch InBev Group of companies which manufactures, sells and distributes clear beer, alcoholic fruit beverages and non-alcoholic beverages in Tanzania.
