Tanzania Breweries Limited(TBL) Plc Net Profit increased by 68% to TSh 149,658 M ($ 64.4M) at the close of 31st December 2021.
This is compared to a net profit of TSh 89,086 M for the period ended 31st December 2020.
According to Tanzania Breweries Public Limited Company (TBL Plc) and its subsidiaries’ unaudited results for the year ended 31 December 2021, the Group’s Gross Profit was up 7% to TSh 389,552M in 2021 from TSh 364,765 M in 2020 while its Balance Sheet size grew 8% to TSh 1,025,422 M in 2021 from TSh 946,841M in 2020.
The Group’s Revenue increased by 6% with growth in both beer and slightly in spirits with significant contribution from core segment of the business.
Operating profit increased by 19% contributed by volume performance and efficiencies in operating costs.
Sales and marketing costs increased by 14% driven by increase in sales and marketing activities in the market to drive the growth compared to the same period last year.
The decline of employee costs and other savings from operating and administration costs contributed to improvement in operating margin by 2% to 19% compared to 17% last year.
The Group profit after tax for the period grew by 68% compared to last year significantly driven by prior year deferred tax adjustments.
A total of TSh 50,883M was invested in capital expenditure during the year compared to TSh 33,731 M in 2020.
The Group’s reported cash generated from operations was TSh272,262M, of which TSh 62,844M was utilized to pay corporate income tax, TSh 50,883M to pay capital expenditure, TSh 84,185M used in financing activities (including payment of dividend TSh 75,596M) and the remaining funds were retained for future activities.
“Our performance in 2021 reinforces our confidence that our strong portfolio of brands and renovated commercial strategy can deliver consistent growth and long-term value creation, even in challenging years as the one we faced in 2021,” said Jose D Moran, Country Director in a statement.
TBL Plc, sells and distributes clear beer, alcoholic fruit beverages and non-alcoholic beverages within Tanzania.
TBL Plc has a controlling interest in Tanzania Distilleries Limited, Darbrew Limited and Kibo Breweries Limited.
TBL Plc’s most popular clear beer brands include Safari Lager, Kilimanjaro Premium Lager, Castle Lite, Balimi Extra Lager, Castle Lager, Flying Fish, Safari Double Malt and and Ndovu Special Malt.
Other prominent brands associated with the TBL Group are Konyagi, Dodoma and Imagi wines and Redds Premium Cold.
The TBL Group is listed on the Dar es Salaam Stock Exchange, employs about 1,267 people and is represented throughout the country with four clear beer breweries, a spirit manufacturing facility, and traditional beer manufacturing facility and 8 distribution depots.
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