East Africa Breweries H1 Profit Rises for First Time in Three Years
TLDR
- EABL reported a 19% increase in first-half net income to $62.7M for the six months ending December 2024
- That marks its first profit growth in three years while net revenue rose 2% to KSh 67.9 billion
- The Kenyan shilling’s appreciation reduced foreign exchange losses and cut debt obligations
East African Breweries Plc (EABL) reported a 19% increase in first-half net income to KSh 8.1 billion ($62.7 million) for the six months ending December 2024, marking its first profit growth in three years. Net revenue rose 2% to KSh 67.9 billion.
The Kenyan shilling’s appreciation reduced foreign exchange losses and cut debt obligations by KSh 5 billion to KSh 43 billion. EABL declared a KSh 2.50 interim dividend, up from KSh 1 per share in the previous year.
Among EABL’s three markets, Tanzania recorded the highest growth at 16%, followed by Kenya at 9% and Uganda at 3%. Managing Director Jane Karuku cited an improved business environment, though consumer purchasing power remains constrained. EABL’s share price surged 54% in 2024 and is up 9% in 2025 so far.
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Key Takeaways
EABL’s profit rebound reflects currency gains and lower debt servicing costs, despite rising input prices and weak consumer demand. The Kenyan shilling’s recovery from KSh 163 to KSh 129 per US dollar significantly improved financials. Challenges remain, including illicit trade, shrinking disposable income, and inflation-driven cost pressures. However, EABL’s market expansion strategy and cost efficiencies position it for long-term stability. The 9% growth in Kenya, its biggest market, signals a gradual recovery, while Tanzania’s 16% surge highlights regional resilience. As EABL continues to optimize its operations, currency stability and economic conditions will play a key role in sustaining growth.
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