Suspended beer maker Solibra grows profit by 1,139% to $25m
TLDR
- Solibra's net profit surged by 1,139% in 2023, reaching 15.08 billion FCFA from 1.22 billion FCFA the previous year.
- Despite the impressive growth, the 2023 profit level is still below the 2021 achievement of 22 billion FCFA.
- Solibra's board approved a dividend distribution of 4.94 billion FCFA, resulting in a net dividend per share of 2,700 FCFA and a yield of 3.24%.
Société de Limonaderie et Brasserie d'Afrique (Solibra), whose shares were suspended from trading on the BRVM on April 3, saw its net profit surge to 15.08 billion FCFA ($25 million) in 2023 from 1.22 billion FCFA a year earlier, a rise of 1,139%.
Despite this growth, the profit level remains below the 22 billion FCFA achieved in 2021. The 2022 financial year saw a substantial profit decline following the termination of the Coca-Cola contract and the sale of AWA mineral water brands, with profits plummeting by over 94% from 22 billion FCFA to 1.22 billion FCFA.
Solibra's turnover improved by 10.47% to 311.40 billion FCFA and added value increased by 9.61% to 70.77 billion FCFA, leading to a 136.32% rise in operating income to 16.81 billion FCFA. In light of these results, Solibra's board of directors has approved a dividend distribution of 4.94 billion FCFA for the financial year, translating to a net dividend per share of 2,700 FCFA and a yield of 3.24%.
Key Takeaways
Strict governance and oversight by the regional regulator, AMF UMOA (Autorité des Marchés Financiers de l'Union Monétaire Ouest Africaine), are vital in ensuring investor protections on the BRVM. Three months before Solibra's suspension, the regulator suspended trading of a listed firm, EVIOSYS Packaging SIEM (formerly Crown SIEM), due to non-compliance with listing rules, highlighting its commitment to transparency and compliance. Investors can expect to resume trading Solibra by November when the six-month ban would have been completed.
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