Namibia Breweries revenue surges by 20.6%

Locally-listed Namibia Breweries Limited (NBL) reported an operating profit of about N$288.98 million for the six months ended 31 December 2022, a drop of nearly 1% compared to the same half-year in 2021. The beer giant generated total revenue of nearly N$2.4 billion, an increase of 20.6% year-on-year. Headline earnings per share (HEPS), a profitability gauge, rose by 10.9% year-on-year to 137.4c.NBL remains in a strong cash position given that dividend payments have been temporarily suspended under the conditions of, and up to the conclusion of the Heineken transaction. Net cash flow from operating activities increased to N$199 million (2021: N$191 million). Net cash outflow from investing activities of N$97 million was higher than N$38 million in 2021.Capital investment projects are in full swing, with NBL replacing its non-returnable bottling line and expanding its packaging hall, while further expansions to warehousing and empties facilities are envisaged for 2023. Capital expenditure amounted to N$157 million (2021: N$61 million). NBL remains committed to local procurement where possible.“The next months will see a significant yet exciting change for NBL and its people. A detailed integration process will be driven by Heineken to capture the opportunities of an expanded portfolio of brands, a bigger team and more occasions to meet consumer demand. NBL will start implementing plans to create capacity for more manufacturing in Namibia as it migrates from beercto a multiple-beverage category,” NBL said.“As part of the Heineken transaction, the special dividend payment of N$26.35 will be paid to shareholders when the disposal of the investment in Heineken SA becomes unconditional. NBL received dispensation from the Namibia Stock Exchange (NSX) to publish conditional dividend declaration data in anticipation of the disposal becoming unconditional. A finalisation announcement will be made once the outstanding conditions Precedent to the disposal have been fulfilled or, if applicable, waived and the disposal has become unconditional. Subject to the disposal becoming unconditional, holders of ordinary shares will be entitled to the Special Dividend, with the Last day to Trade being 30 March 2023, and payment date being 14 April 2023.”CompetitionFin24 recently reported that South Africa&#039;s highest competition authority has finally approved Dutch brewer Heineken&#039;s R40 billion tie-up with JSE-listed liquor group Distell nearly a year-and-a-half after the deal was first officially announced.Distell, which owns brands such as Savanna, Hunter&#039;s Dry and Amarula, said the decision by the Competition Tribunal to green-light the deal, with some conditions, marked an important milestone, with the transaction now expected to be completed in April.Heineken said in a statement that welcomed the ruling that the decision marks the final regulatory approval for the deal.Heineken CEO and executive board chairperson Dolf van den Brink said the group was "delighted the Competition Tribunal has approved the deal".The brewer was "committed to being a strong partner for growth and making a positive impact in the communities in which we operate", he said.Heineken said the approval gives the go-ahead for an "ambitious package" of public interest commitments including ongoing business investment, broad-based black economic empowerment, job creation, localisation and supplier development.Commenting of the results, Simonis Storm said: “We remain optimistic on Namibian Breweries as they possess a sound history in terms of shareholder value accretion. We contain our excitement, for now at least, regarding the future. We would like to see more from Heineken regarding strategy, NBL capital structure, and of course the return of ordinary shareholder dividends.”-phillep@nmh.com.na

Namibia Breweries revenue surges by 20.6%

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Namibia Breweries revenue surges by 20.6%

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