Tanzania Breweries Limited (TBL) revenue increased by 6% with significant growth in beer driven by strong performance in the core and core plus segment of the business according to the company’s results for the first quarter ended 31 March 2023.
According to the results, operating profit declined by 10% contributed by increase in distribution costs due to increase in price of fuel and anticipated pressure on commodity prices and difference in timing of certain items of expenditure in the corresponding period prior year.
Operating margin decreased by 3.3% to 18.4% compared to 21.7% in the same period last year.
According to the TBL Managing Director Jose Moran, profit after tax for the quarter decreased by 7% compared to prior year impacted by escalation of costs in the quarter.
A total of 17.75bn/- was invested in capital expenditure over the period compared to 8.62bn/- in 2022 with a focus on capacity to support volume growth. Cash generated from operations was 6.84bn/- , together with prior quarter balances, 21.50bn/- was utilized to pay corporate income tax, 17.75bn/- to pay for capital expenditure the remaining funds were retained for future activities.
“I would like to thank the Board, management and employees for their engagement and commitment in delivering the results and most importantly our customers, consumers and partners for their continued support and trust in our brands,” Moran said.
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