Coca Cola Beverages Africa (CCBA) is set to make a Sh7 Billion investment in a state-of-the-art Hotfill Juice Line as part of its production line expansion.
The investment is set to grow the companies output by approximately 21 per cent in 2019, with the introduction of 40 new products after the company launched yet another 50 products this year and looking to enter into the hot coffee market.
‘’In percentage terms, in 2018 we’ve realized approximately 38% growth Year-to-date (YTD). Our forecast for 2019 (Full Year – FY) currently stands at 21%. In revenue terms YTD in 2018 that translates into over Sh500 million (half a billion).’’ CCBA Managing Director Daryl Wilson told Kenyan Wallstreet.
Adding that following the implementation of the finance act 2018 the inflationary adjustment have occasioned an increase in excise remittance from Sh5 for each liter of carbonated soft drink and water to Sh5.2 and gone up from Sh10 per liter of juice to Sh10.5.
‘’Following the enactment of the Act we have adjusted our tax remittances to the Exchequer in line with the Inflationary Adjustment. We also understand that taxation fuels national economic development and that this imperative needs to be balanced with the needs of our consumers and the disposable income levels of ordinary Kenyan citizens – to ensure their ability to afford basic commodities. ‘’ he said.
Mr Wilson says the decision to invest in Kenya has been informed by the countries growing market.
’’We recognize that Kenya is an important growth market in East Africa and doing business in Kenya is a demonstration of our unshakable and enduring belief on the continent of Africa. We are deeply committed to this continent’s development.’’ He added.
