Suspended beer maker Solibra grows profit by 1,139% to $25m

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%.