Breweries revenue shoots up by 14%
Namibia Breweries Limited (NBL) recorded net a revenue increase of 14.1% to N$3.021 billion for the year ended 30 June 2022.
Despite a decline in Namibian beer volumes, the company’s financials were strong on the back of increased beer volume growth in South Africa, encouraging exports and sound cost management.
According to the company, Namibian beer volumes declined by 1.5% as inflationary pressure across all sectors of the Namibian economy continued to stretch consumers’ disposable income.
“While overall volumes for NBL increased by 12%, beer volumes in Namibia decreased by 1.5% against 2021, while volumes to South Africa increased by 60.6% compared to the prior fiscal year,” NBL managing director Marco Wenk said.
Beyond South Africa, Tanzania remains NBL’s largest export market, although, as with most export markets, significant logistics cost increases negatively impacted export profitability compared to the prior fiscal year.