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Browsing: Kenyan Shilling depreciation
- EABL net sales increased by 16 per cent to $408.39 million (KSh66.5 billion) in six months ending December 2023.
- The Group’s bottom line was negatively impacted by high input costs, inflation, Kenyan Shilling’s devaluation and escalating interest rates.
- Directors recommended an interim dividend of $0.01 (KSh1) per share, a reduction from the $0.02 (KSh3.75) paid last year.
A combination of macroeconomic factors, inflation and rising finance costs have seen EABL profits suffer a 22 per cent decline to $41.5 million (KSh6.8 billion) in half-year ended December 2023 compared to similar period previously.
East African Breweries Ltd says the devaluation of Kenyan Shilling resulted in a forex loss of $14.1 million (KSh2.3 billion), an increase of $12.8 million (Sh2.1 billion) versus the same period last year.
Overall, the Group Managing Director and CEO Jane Karuku attributed the decline in EABL profits to increased input costs, currency devaluation, and rising interest rates.…