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THE STANDARD By
Standard Reporter |
January 29th 2021 at 11:25:39 GMT +0300
Production of WhiteCap Lager Beer at new redesigned EABL bottle plant (PHOTO David Gachuru)
The coronavirus pandemic wiped out nearly half of East African Breweries’ net profits in the first six months of the financial year after bar and restaurant closures hurt its beer sales.
The brewer’s profit after tax fell by 47 per cent to Sh3.79 billion for the half-year ending December 31, 2020 from Sh7.2 billion in the same period of 2019, primarily driven by a one-off tax provision.
The maker of Tusker and Pilsner saw its net revenue drop by three per cent to Sh44.5 billion from Sh45.9 billion, hurt by the eight per cent drop in beer sales.