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Zambian Breweries fiscal H2 profit falls YOY

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Zambian Breweries fiscal H2 profit falls YOY

Zambian Breweries PLC said its normalized net income for the fiscal second half ended March 31 amounted to 11 ngwee per share, a decline of 21.7% from 14 ngwee per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 71.0 million kwachas, a decline of 21.7% from 90.7 million kwachas in the prior-year period.

Total revenue rose 5.2% year over year to 701.3 million kwachas from 666.4 million kwachas, and total operating expenses climbed 7.7% on an annual basis to 547.6 million kwachas from 508.7 million kwachas.

Reported net income declined 23.2% year over year to 83.3 million kwachas, or 13 ngwee per share, from 108.5 million kwachas, or 17 ngwee per share.

For the year, the company's normalized net income totaled 21 ngwee per share, a decline of 26.8% from 29 ngwee per share in the prior year.

Normalized net income was 114.9 million kwachas, a fall of 26.8% from 157.1 million kwachas in the prior year.

Full-year total revenue rose year over year to 1.35 billion kwachas from 1.30 billion kwachas, and total operating expenses increased 9.2% year over year to 1.09 billion kwachas from 1.00 billion kwachas.

The company said reported net income decreased 24.9% on an annual basis to 131.8 million kwachas, or 24 ngwee per share, in the full year, from 175.5 million kwachas, or 32 ngwee per share.

As of June 15, US$1 was equivalent to 7.43 Zambian kwachas.