East African Breweries Limited (EABL) recorded a 12 percent net profit decrease to Kes 10.9 billion in the full year ending June, compared to Kes 12.32 billion recorded in a similar period last year.

 The company attributed the drop to rising inflation, shilling devaluation, social unrest, and floods.

In September last year, Kenya’s inflation stood at 6.8 percent, forcing Kenyans to reduce their spending on entertainment, etc.

 EABL Group Chairman Martin Oduor Otieno stated that Kenya’s currency also lost value against major currencies such as the US Dollar, Euros, and Sterling Pound.

For instance, the local unit traded at one US dollar for about Kes 160 early this year.

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“Inflationary pressures, regulatory changes, rising interest rates and fluctuating currency posed substantial hurdles for consumer spending and business operations.”

However, net sales rose by 13 percent to Kes 124.1 billion, buoyed by strategic pricing, a strong portfolio, and new product innovations in the same period.

“The Board of Directors recommends a ­nal dividend of Kshs 6.00 per share subject to withholding tax. This dividend is scheduled for payment on or about 28th October 2024 to shareholders who are duly registered at the close of business on 16th September 2024. If approved, the total dividend for the year will amount to Kes 7.00 per share (FY 2023: Kes 5.50).”