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Company Data
East African Breweries Ltd.
Par Value:                  2/-
Closing Price:           176.25
Total Shares Issued:          790774356.00
Market Capitalization:        139,373,980,245
EPS:             15
PE:                 11.750

EABL reports FY 2022 Earnings through 30th June 2022 versus through 30th June 2021
FY Gross Sales 193.85b versus 152.572b
FY Net Revenues 109.409b versus 85.962b +27.3%
FY Cost of Sales [56.533b] versus [48.548b]
FY Gross Profit 52.856b versus 37.414b
FY Selling & Distribution costs [9.734b] versus [7.362b]
FY Administrative expenses [10.842b] versus [9.32b]
FY Other expenses [4.028b] versus [5.925b]
FY Net Finance Costs [4.236b] versus [3.949b]
FY Profit before Income Tax 24.016b versus 10.858b
FY Profit for the Year 15.574b versus 6.962b +123.7%
FY EPS 15.00 versus 5.51 +172.2%
FY Final Dividend 7.25 [+ Interim 3.75 = 11]
FY Cash and Cash Equivalents 8.067b versus 4.421b
a P/B multiple of 4.3x.


Net sales grew 27% to Kshs 109.4 billion as both beer and spirits recovered.
At country level, Kenya, Uganda, and Tanzania’s revenues grew 30%, 24%, and 21% driven by volume recovery coupled with investment behind brands and continued channel innovation in response to consumer behaviour shifts.
Strategic price increases following excise adjustments in Kenya and Uganda also contributed to net sales growth.
Net cash from operating activities (Kshs 25.9 billion) grew 77% and free cash flow increased by Kshs 12.3 billion to close at Kshs 12.7 billion as at 30 June 2022, driven by growth in operating profit and working capital management.
This increase in cashflows saw a reduction in net debt from Kshs 41.8 billion to Kshs 34.7 billion.
However, the region has some of the highest alcohol excise tax rates in Sub Saharan Africa, with the excise regime in Kenya becoming increasingly aggressive and unpredictable, creating uncertainty for businesses like ours.


Impressive rebound trades on a single digit PE

H1 Earnings 6 months through 31st December 2021 versus 6 months through 31st December 2020
HY Gross Sales 96.836b versus 78.164b
HY Net Sales 54.899b versus 44.460b +23%
HY Cost of Sales [28.429b] versus [25.127b]
HY Gross profit 26.470b 19.333b
HY Selling & distribution costs [4.810b] versus [3.878b]
HY Administrative expenses [5.052b] versus [4.258b]
HY Other costs and expenses [3.730b] versus [5.361b]
HY Profit before Tax 12.878b versus 5.836b
HY Profit after Tax 8.738b versus 3.792b +131%
HY EPS 8.45 versus 2.71 +312%
Interim Dividend 3.75 a share


Operating Environment
Across the region, we have seen an easing of COVID 19 restrictions contributing to a more favourable trading environment, as consumers return to pubs and bars.
The broader economic rebound across East Africa continues to strengthen consumer demand across all our product categories, supporting our overall performance.
Performance Overview
EABLs performance for the half year ended 31 December 2021 demonstrates a strong recovery from the impact of the Covid 19 pandemic that affected the last two financial years.
Net sales grew 23% to Kshs 54.9 billion driven by investment behind brands and channel innovation in response to consumer behaviour shifts.
At country level, Kenya, Uganda and Tanzania revenues grew 27%, 18% and 15% respectively compared to the same period last year, as Covid 19 restrictions were lifted.
Profit after tax grew 131% to Kshs 8.7 billion driven by the increase in net revenue and effective cost management.
As a result, earning per share grew 312% reflecting faster growth in profits attributable to equity holders.
To support future growth, capital expenditure increased by 51% to Kshs 6.2 billion against the same period last year mainly in relation to capacity expansion in Tanzania and Uganda.
Net debt reduced from KShs 40.7 billion at 30 June 2021 to Kshs 34.7 billion as at 31 December 2021.
During the period, the group raised Kshs 11 billion through the issue of a Medium Term Note in the capital markets.
The proceeds of the issue were utilised to refinance existing debt and fund capital expenditure.
The performance in the half year ended 31 December 2021 is testament to the resilience of EABL’s employees, brands and business strategy.
Future Outlook
The trading environment remains uncertain with the lingering socio economic impact of the pandemic, excise tax volatility, and shifting political changes on the horizon.
However, we are cautiously optimistic that improved consumer incomes, on trade recovery, and off trade resilience will continue apace, fueling our net sales growth momentum across East Africa.
The Board of Directors has recommended an interim dividend of Kshs 3.75 per share

.@EABL_PLC H1 2021/22 results: @MwangoCapital

Gross revenues up 23% YoY to KES 54.9B
Profit after tax up 131% YoY to KES 8.7B
Capex up 51% to KES 6.2B
Interim dividend of KES 3.75
Cash & CE up 185% to KES 7.2B


Thats one shapely rebound.

EABL results for the Year ended 30th June 2021
FY Net Revenue 85.962b versus 74.916b +14.744%
FY Cost of Sales [48.548b] versus [41.896b] +15.877%
FY Gross Profit 37.414b versus 33.020b +13.307%
FY Selling and Distribution costs [7.362b] versus [6.591b]
FY Adminitsration expenses [9.320b] versus [8.565b]
FY Other costs and expenses [9.874b] versus [7.209b]
FY Profit before Tax 10.858b versus 10.655b +1.9%
FY Profit after Tax 6.962b versus 7.021b -0.84%
FY Total comprehensive Income 7.172b versus 7.679b
FY EPS 5.51 versus 5.17 +6.576%
FY Cash generated from operations 21.524b versus 13.636b
FY Net cash generated from operating activities 14.612b verssu 3.346b
Cash and cash equivalents at end of Year 4.421b versus 1.729b
No Final Dividend

Company Commentary

slower profit growth was driven by impact of cost inflation, adverse foreign exchange impact and tax charges
general decline in disposable incomes in te region
EABL volumes grew by 13% to 14m EUs

.@EABL_PLC biggest rebound in sales at 33 per cent has come from Uganda while revenues in Kenya and Tanzania have improved by 10 and 15 per cent with beer and spirits sales leading the way of recovery


I thought these were much better than decent FY results +14.744% FY Net Revenue Gain given the pandemic on off curfew backdrop.
EABL reports Half Year Earnings through 31st December 2020
HY Net Revenue 44.460b versus 45.856b
HY Gross Profit 19.333b versus 21.843b
HY Selling and Distribution Costs [3.878b] versus [3.883b]
HY Administrative Expenses [4.258b] versus [4.023b]
HY Other Costs and Expenses [5.361b] versus [2.816b]
HY Profit before Tax 5.836b versus 10.602b
HY Profit after Tax 3.792b versus 7.209b
HY EPS 2.71 versus 7.00


impact has been a gradual recovery in volume with sales showing sequential improvement against the previous half [Jan June 2020] and almost level with the same period last year
Groups volume and net sales declined 5% and 3% respectively compared to the same period last year
First half sales improved 53% compared to the previous half
Tanzania and Uganda net sales grew 17% and 13% respectively compared to the same period last year wile Kenya declined 10% lbeit growing 53% against the previous half
Gross Margin at 43%.
PAT declined 47% drived bty FX losses increase in cost of sales and a one off tax provision


Rebounded especially when compared sequentially and looks a value proposition on a 24 month outlook.

East African Breweries Plc Unaudited Half Year Results for the Six Months Ended 31 Dec 2020 @tradingroomke

FY through 30th June 2020 versus 30th June 2019
FY Revenue 74.916259b versus 82.543241b -9.23%
FY Gross Profit 33.020030b versus 38.117137b -13.372%
FY Selling and Distribution Costs [6.590629b] versus [7.209400b]
FY Admin Expenses [8.565240b] versus [9.398222b]
FY Other Expenses [3.382811b] versus [0.322889b]
Finance Costs [3.900964b] versus [3.492577b]
FY Profit before Income Tax 10.655259b versus 17.814650b -40.188%
FY Profit After Tax 7.020915b versus 11.515130b -39.028%
FY EPS 5.17 versus 11.23 -53.962%
No Dividend

Company Commentary

East African Breweries Limited (EABL) recorded a 9% decline in net sales for the financial year ended 30 June 2020, as first half growth of 10% was offset by a 29% decline in the second half.
Kenya: Declined 14% versus prior year. First half growth of 8% was offset by second half decline of 37%, as the partial lockdown from March to June led to closure of bars and restaurants.
Uganda: Declined 5% versus prior year, as first half growth of 10% was offset by the impact of a total lockdown from March to June resulting in a 21% decline in sales in the second half.
Tanzania: Grew 14% versus prior year, as first half growth of 19% slowed down to 10% in the second half as Government restrictions in response to Covid 19 were limited.

EABL Group MD and CEO, Andrew Cowan, said: During this unwelcome pandemic, our top priority has been to safeguard the health and well being of our people and support our communities, while taking necessary action to protect our business. Across the markets we have tracked changes in consumer behaviour and repurposed our execution plans in trade to continue serving our consumers where safe and possible to do so.
In recognition of the uncertainty in the external environment in the face of the Covid 19 pandemic and the need to conserve cash to support the business, the Board of Directors do not recommend a final dividend. Consequently, the interim dividend of Kes 3 per share paid in April 2020 will be the full and final dividend for the year.


Brutal H2 slump of 29%. My Concern is that H1 will be a Wipe Out.
This is a valuable Franchise but there is more Pain to come.

EABL HY 2020 results through 31st December 2019 vs. 31st December 2018
HY Revenue 45.856b vs. 41.574b +10.300%
HY Cost of sales [24.013b] vs. [22.402b] +7.191%
HY Gross profit 21.843b vs. 19.172b +13.932%
HY Total costs [11.241b] vs. [9.453b] +18.915%
HY PBT 10.602b vs. 9.719b +9.085%
HY PAT 7.209b vs. 6.609b +9.079%
Basic EPS 7.00 vs. 6.52 +7.362%
Cash and cash equivalents at the end of the period 12.092b vs. 8.757b +38.084%
Net Assets 56.451b vs. 53.406b +5.702%
Interim dividend per share 3.00 vs. 2.50 +20.000%
The Board of Directors of East African Breweries Limited (EABL) is pleased to announce the half year results for the period ended 31 December 2019.
EABL revenue rose by 10% to Kshs 45.9 billion driven by higher volumes sold across the Group.
Profit for the period grew by 9% attributable to increased revenue, strong innovation pipeline and continued cost efficiencies across the organization.
Key Highlights
Groups volumes grew by 5% driven by a strong mix across brand categories.
During the period, EABL leveraged innovations to drive sales, with new brands contributing 28% of revenues. Recently launched brands include Tusker Cider, Hop House 13 Lager, Guinness Smooth, Sikera Cider, Black & White whisky, Smirnoff X and Triple Ace Vodka and Uganda Waragi variants among others.
Gross profit improved by 14% and profit after tax grew 9% driven by a calmer operational environment, strong top line performance, positive mix and cost efficiencies generated through productivity initiatives.
Groups capital expenditure stood at Kshs 4.4 billion with investment in production capacity improvements for existing and new brands as part of supporting future growth of the business.
Overall, EABL delivered a strong set of results in the first half of the year across all segments and markets, although excise duty escalation on alcoholic beverages in Kenyas last budget negatively impacted bottled beer. This robust set of results, supported by continued investment behind our brands, places us on a consistent growth trajectory to achieve our performance ambition.
Net sales were up 10% to Kshs 45.9 billion, driven by higher volumes, up 5% across the Group
Net sales in EABLs largest market, Kenya, grew by 8%, with beer and spirits growing by 6% and 11%, respectively.
The market registered an outstanding performance in Senator keg, with the iconic, low-priced beer growing by a fifth, with the new Kisumu investment driving growth.
Mainstream spirits and Scotch whisky sales increased by 17% and 23% respectively, with remarkable performance of Black & White.
The increase in excise duty drove bottled beer decline of -1%, despite successful brand campaigns such as Tusker Na Nyama and Guinness Football.
Uganda Breweries premiumisation agenda delivered better mix and margins, helping lift net sales by 10%, driven by 15% growth in beer and 1% in spirits, the latter was also impacted by the ban of the sachet format.
Marketing campaigns such as Bell AllStar Tour and Tusker Lite Neon Experience helped drive bottled beer growth by 15%.
Launch of Black & White whisky helped lift Ugandas Scotch performance with net sales rising by 84% while the ready to drink category grew by 18%.
Serengeti Breweries in Tanzania, the Groups fastest growing business, expanded by 19%, lifted largely by a consistent performance in local executions to drive the Serengeti trademark.
EABL leveraged several innovation initiatives during the half year, with new brands contributing 28% of the net sales. Recently launched brands such as Hop House 13 Lager, Guinness Smooth, Sikera Cider, Black &White whisky and Triple Ace vodka contributed significantly to growth.
Commenting on the first half, EABL Group Managing Director and CEO, Andrew Cowan, said We are pleased by this performance. Although excise duty escalation on alcoholic beverages in Kenyas last budget impacted bottled beer, a more stable operating environment provided an opportunity to continue our growth momentum during the period. We remain cautiously optimistic about our second half of the year, although unpredicted tax and regulatory changes and challenges in our operating environment continue to present potential risks in the horizon.
He added We will continue to focus on the execution of our strategy across our businesses. We are confident there is ongoing potential for growth across our geographies and categories. At the premium end, people are trading up while at the price sensitive end, we believe we can recruit more illicit alcohol consumption by offering safe, quality options.
The Board of Directors has recommended an interim dividend of Kshs 3 per share for the half year period. This represents a 20% increase from Kshs 2.50 compared to the same period last year.
Strong Results. The increase in the interim Dividend of 20% is a Signal.
Lots of innovation.
Broad based uptick with Tanzania outperforming.

EABL FY 2019 results through 30th June 2019 vs. 30th June 2018
FY Revenue 82.543b vs. 73.457b +12.369%
FY Cost of sales [44.426b] vs. [41.052b] +8.219%
FY Gross profit 38.117b vs. 32.405b +17.627%
FY Total costs [20.302b] vs. [20.663b] -1.747%
FY PBT 17.815b vs. 11.742b +51.720%
FY Income tax expense [6.300b] vs. [4.486b] +40.437%
FY PAT 11.515b vs. 7.256b +58.696%
Basic EPS 11.23 vs. 7.19 +56.189%
Cash and cash equivalents at the end of year 12.469b vs. 3.187b +291.246%
Total dividend per share 8.50 vs. 7.50 +13.333%
The Board of Directors of East African Breweries Limited is pleased to announce its full year results for the year ended 30th June 2019. EABLs net revenue for the period rose by 12% to Kshs 82.5 billion driven by strong underlying performance on the back of a stable operating environment in the region. Profit before tax grew to Kshs 17.8 billion attributable to increased revenues and continued cost efficiencies across the organization.
Key Highlights:
Groups volumes grew by 11% driven by strong performance across all categories and markets.
Innovations contributed Kshs 20.3 billion to stand at 24% of the net revenues across our markets mainly driven by brands such as Serengeti Lite, Tusker Cider, Chrome Vodka, Captain Morgan Gold and Uganda Waragi Pineapple.
Gross profit improved by 18% and profit after tax grew to Kshs 11.5 billion driven by strong underlying performance, positive mix and cost efficiencies driven through the productivity initiatives.
Groups capital expenditure stood at Kshs 11.7 billion with completion of the new Kisumu brewery, in line with supporting the companys future growth.
Overall, EABL delivered a strong and consistent set of results in the year across all categories. We continue a solid sustainable trajectory towards our ambition supported by continued investment behind our brands and capital expenditure.
The Board of Directors has recommended a final dividend of Kshs 6.0 per share. Total dividend for the year is Kshs 8.5 per share.


a muscular rebound plain and simple. Headline Revenue Growth +12.369% sums it up in a nutshell.

EABL HY 2019 results through 31st December 2018 vs. 31st December 2017
HY Revenue 41.574b vs. 35.156b +18.256%
HY Cost of sales [22.402b] vs. [20.831b] +7.542%
HY Gross profit 19.172b vs. 15.969b +20.058%
HY Total costs [9.453b] vs. [8.686b] +8.830%
HY PBT 9.719b vs. 7.283b +33.448%
HY PAT 6.609b vs. 4.952b +33.461%
Basic EPS 6.52 vs. 5.21 +25.144%
Cash and cash equivalents at the end of the period 8.757b vs. 4.584b +91.034%
Interim dividend per share 2.50 vs. 2.00 +25.00%

Gross profit improved by 20 per cent and profit after tax grew 33 per cent driven by strong top line performance, positive product mix, cost efficiencies driven through the productivity initiatives and reduced interest charge,EABL said.
The company said innovations contributed Sh8.2 billion to net sales across the markets driven by brands such as Serengeti Lite, Tusker Cider, Black & White, Captain Morgan Gold and Uganda Waragi Pineapple.

Key Highlights

Groups volumes grew by 13% driven by strong performance from mainstream spirits, bottled beer and Senator Keg across the region.
Innovations contributed Kshs 8.2 billion to net sales across our markets driven by brand as Serengeti Lite, Tusker Cider, Black & White Captain Morgan Gold and Uganda Waragi Pineapple
Gross profit improved by 20% and profit after tax grew 33% driven by strong top line performance, positive product mix, cost efficiencies driven through productivity initiatives and reduced interest charge
Groups capital expenditure stood at Kshs 5 billion with new Kisumu brewery set to be commissioned soon supporting the future growth of the business. The strong cash performance driven by focus on working capital management resulted in a reduction of net debt.

Overall, EABL delivered a strong set of results in the first half of the year across all segments and markets compared to a weak half year during the period last year. This robust set of results, supported by continued investment behind our brands, places us on a great growth trajectory to achieve our ambition.
The Board of Directors has recommended an interim dividend of Kshs 2.50 per share. The record date for qualification of the dividend is 22 February 2019.
The dividend shall be paid net of withholding tax on or about 11 April 2019.

FY Revenues of KES 73.5bn
FY Profit Before Tax 11.7b versus 13.3b -12.00%
FY Profit After Tax 7.3b versus 8.5b -15.00%
FY EPS 7.19 versus 9.71 -26.00%
Final Dividend 5.50

Via Media Release
+5% revenue growth
performance significantly improved in t he second half with net sales +10%
EABL spirit sales increased 8% in the FY
Mainstream spirits portfolio +23%
Beer +4%
Innovation delivered good performance contributing 22% to EABL net sales Serengeti Lite in Tanzania, Tusker Cider in Kenya and Uganda Waragi flavours
Gross margin improved by 4%
marketing spend +19%
Profit after Tax declined by 15% as a result of one off tax provisions
In the year we spent 13b on CAPEX a with 7.8b of that being spent on Kisumu Brewery Andrew Cowan
Kenya +1% Uganda +4% Tanzania +41% Andrew Cowan
Final Dividend of 5.50 a share.
Volume +7%
Net Sales +5%
Gross Profit +4.00%
Profit after tax -15.00%
Operating Cash Conversion +117%
Total Dividend KES 7.50/share
KENYA 73% of Total Revenues +1%
UGANDA 16% of Total revenues +4.00%
TANZANIA 11% of Total Revenues +41%
Total EABL 100% +5%
Kenya Earnings +1.00% 1. Bottled beer turnaround, sales growing +5% 2. Scotch grew +4% 3. Mainstream spirits growing +22% 4. Senator decline driven by uncertainty and plant shutdown in H1 5. Total spirits in +7% growth constrained by uncontrolled imports
.@tuskerlite and @GuinnessIreland delivering +11% growth in Premium beer
Improved volume performance in H2 (+10% vs +4% in H1) across all categories
Stable regulatory and economic environment in H2 allowed us to deliver highest net sales growth (+10%) for 6 years
Volume (mEU) 12.5 11.7 +7%
Gross sales 135.0 124.1 +9%
+4% growth in underlying operating profit offset by one off provision provision for tax exposure
Net borrowings (27.5b) (24.4b)
EPS further deteriorated by higher non-controlling interest (SBL)
Priorities going forward
Opportunities for further growth
Commercialize the Kisumu brewery
Drive margin enhancement
Srengthen re recruitment of bottled beer consumers
Win in premium leading with Scotch and vodka
Go bolder and faster with productivity initiatives
Sustain spirits growth momentum
Accelerate innovations Serengeti Lite, Tusker Cider, Black & White, Uganda Waragi flavours, etc.
DPS of KES 7.5 per share, unch payout ratio 100%


Its a very strong Franchise. Clearly 2 elections a drought and a credit crunch crimped Kenya +1.00%.
The Co. is signalling an H2 acceleration.
Tanzania a stand out.

H1 2017 Earnings through 31st Dec 2017 versus 6 months through 31st Dec 2016
HY Net revenue 36.800b vs. 35.156b +4.676%
HY Cost of sales [20.831b] vs. [18.556b] +12.260%
HY Gross profit 15.969b vs. 16.600b -3.801%
HY Total costs [8.686b] vs. [8.567b] +1.389%
HY PBT 7.283b vs. 8.033b -9.336%
HY PAT 4.952b vs. 5.585b -11.334%
Basic EPS 5.21 vs. 6.28 -17.038%
Cash and cash equivalents at the end of the period 4.585b vs. [3.367b] +236.175%
Dividend per share 2.00 vs. 2.00

Company Commentary
Group volumes +4.00% Revenues +5.00%
Net Earnings impacted by weakness in the Kenyan market, excise tax changes in Uganda, increased sales and advertising as well as accelerated capital investment to boost future capacity.
The period characterised as difficult
Volumes +4.00% driven by bottled beer in Kenya and Tanzania and spirits growth across the business.
Excise tax increases in Uganda on imported beer and the weakness in the consumer segment in Kenya, driven by election related uncertainty continued to impact margins [especially on the value segment of the business] as EABL products became less affordable during the period.
EABL depended its capital investments to boost manufacturing capacity, in order to address rising demand in spirits and tap new opportunities presented by value beer.
Innovation contribution +21% driven mainly by new brands such as Tiger Cider, Serengeti Lite, Uganda Waragi Coconut and Chrome Vodka
Overall, EABL is encouraged by the performance in the half year. Board and Management have refreshed their focus under the Companys marketing strategy, expanding route to consumer to broaden products reach and innovating at scale.
2 shilling interim dividend.


They have been making some big ticket investments and repositioning for Growth.
Clearly H2 2017 was tough in Kenya and they have had to navigate some choppy waters which they have done.

East African Breweries Limited FY 2017 results through 30th June 2017 vs. 30th June 2016
FY Revenue 70.247b vs. 64.322b +9.211%
FY Cost of sales [39.117b] vs. [32.110b] +21.822%
FY Gross profit 31.130b vs. 32.212b -3.359%
FY Total costs [17.823b] vs. [18.593b] -4.141%
FY Profit before income tax 13.307b vs. 13.619b -2.291%
FY Profit for the year from continuing operations 8.515b vs. 8.021b +6.159%
FY Profit from discontinued operations vs. 2.249b
FY Profit for the year 8.515b vs. 10.271b -17.097%
EPS 9.71 vs. 12.2 -20.410%
EPS continuing operations 9.71 vs. 9.36 +3.739%
Cash and cash equivalents at the end of the year 3.318b vs. [3.954b] +183.915%
Total Equity 11.988b vs. 10.867b +10.316%
Net Assets 44.683b vs. 37.714b +18.479%
Final dividend 5.50
Total dividend 7.50 vs. 7.50

Company Commentary
EABLs business demonstrated resilience despite a challenging trading environment across East Africa, mainly characterised by inflationary pressures and regulatory volatility delivering a solid set of financial results.
+6.00% Profit Growth for the year from continued operations
Group volumes accelerated 5% good performance in mainstream spirit and value beer, with both delivering double digit growth.
Net Sales performance +9.00% mainly driven by Kenya which had good spirits and value beer growth. However, this was impacted by weak bottled beer sales driven by excise tax increases, making EABL products less affordable.
Drought related inflationary pressure impacted consumers disposable incomes.
Kenya contributed 74% of EABLs sales.
Uganda revenue +7.00%
Tanzania revenue -12.00%
Key Innovations Tusker Cider, Pilsner 7, Smirnoff Electric Ginseng in Kenya, Ngule in Uganda and Serengeti lite in Tanzania.
CAPEX +14% to 5.7b
15b investment in Kisumu Brewery
EABL management is very encouraged by trends in H2 in Kenya, during which the business saw better performance in premium and mainstream beer.
In Tanzania the Co made a settlement with Fair Competition Commission after several years of uncertainty and business was back in growth in Q4.
Final Dividend 5.50 a share Total Dividend 7.50 a share


The -17.097% reduction in FY PAT might grab the headlines but remember that EABL was lapping FY 16 were there was a 2.249b extraordinary Gain. Take that out and continuing operations served up a +6.159% gain.
Headline FY Revenue was +9.211% which is high and healthy against what was a volatile backdrop.
The Kisumu Brewery is a big bold bet on value beer and there is plenty of scope here.
regulatory volatility is a de rigour phrase these days.
Final Dividend is worth 2.08% of yield.
I thought these results were constructive and support a higher share price and a positive re-rating.

H1 Earnings through 31st December 2016 versus 31st December 2015

H1 Net revenue 35.156b vs. 37.514b -6.286%
H1 Cost of sales [18.556b] vs. [20.085b] -7.613%
H1 Gross profit 16.600b vs. 17.429b -4.756%
H1 Total costs [8.567b] vs. [9.507b] -9.887%
H1 PBT 8.033b vs. 7.922b +1.401%
H1 PAT (Continuing operations) 5.585b vs. 5.484b +1.842%
H1 PAT (from discontinued operations) vs. 2.249b
H1 PAT (for the year) 5.585b vs. 7.733b -27.777%
H1 EPS (Continuing operations) 6.28 vs. 6.29 -0.159%
H1 EPS 6.28 vs. 9.14 -31.291%
Cash & cash equivalents at the end of the year [3.367b] vs. 5.802b -158.032%
Interim dividend 2 share

Company Commentary

backdrop of significant excise increase in Kenya last year and tough economic and operating conditions elsewhere in the region
Kenya delivered flat net sales with double digit growth in spirits and Senator Keg which offset the impact of price increase on bottled beer
Net Sales growth of 7% in Uganda
Tanzania faced a challenging consumer environment which negatively impacted consumer spend Net Sales declined by 7% despite double digit growth in Pilsner and triple digit in reserve spirits
Innovation pipeline Tusker Cider Smirnoff Ice Electric Ginseng and Black Bell
On a like for like basis net sales were flat but adverse foreign exchange movements and impact of excise tax increase resulted in a 6% decline in reported net sales
Operating margin improvement to 27% from 25%
The company said Kenya makes up 70 percent of its profits, and this had been affected by tax hikes.
There have been four major excise duty increases affecting bottled beer volumes in the last five years, with the most aggressive one taking effect in December 2015 a 43 percent rise in duty, Andrew Cowan, its group managing director and chief executive, said.
This was the highest excise duty increase in Africa, he said.


Organic Earnings were flat once you strip out the Previous Half Years extraordinary gain.
Interesting colour on Kenya Tanzania and Uganda
I would have thought that these results are fully priced in.

FY Net Revenue 64.322b vs. 64.420b -0.152%
FY Cost of sales [32.110b] vs. [32.389b] -0.861%
FY Gross profit 32.212b vs. 32.031b +0.565%
FY Total costs [18.593b] vs. [17.880b] +3.988%
PBT 13.619b vs. 14.151b -3.759%
PAT (Continuing operations) 8.021b vs. 9.535b -15.878%
Profit from discontinued operations 2.249b vs. [0.040b] +5,722.5%
PAT (for the year) 10.270b vs. 9.575b +7.258%
EPS 12.20 vs. 11.32 +7.774%
Cash and cash equivalents at the end of the year [3.954b] vs. [1.392b] -184.052%
Final dividend 5.50
Full year dividend 7.50 vs. 7.50

Company Commentary and Presentation

Gross Profit +1.00% to 32.2b
Profit for the Year +7% 10.3b
Cash generated from Operations +32% to 27.9b
Finance Costs -20.00% to 3.3b
Total Dividend 7.50 a share

overall the Company defied a challenging operating environment especially in South Sudan where volumes fell by 60% to deliver 25% growth in volumes, buoyed by strong growth in spirits and Senator.
Kenya Revenue Growth 16% Uganda 5% Tanzania 12%
134 per cent growth in the sales of Senator.
a 27 per cent drop in sales of its flagship brand, Tusker
Senator grew in Kenya following the roll back of the duty increase early in the year and momentum was sustained throughout the year, said Diageo, which owns 50.02 per cent of EABL.
This more than offset the decline in Tusker, which was impacted by the duty increase in Kenya and currency volatility in the markets.
Mainstream spirits such as Kenya Cane and Kane Extra saw sales increase by high double digits in the fullyear to June 2016 due to what Diageo said was improved route to consumer initiatives.
Reserve spirits (Ciroc and Singleton) also performed well due to enhanced distribution and activation by brand ambassadors while ready to drink brands Smirnoff Ice Double Black and Guarana were boosted by price increases, Diageo said.


Charles Ireland tidied up the Balance Sheet, reduced leverage and these Results confirm a repositioning of EABL firmly into the Mass Market.

Revenue 37.513921b vs. 34.657876b +8.241%
Cost of sales [20.084503b] vs. [17.527170b] +14.591%
Gross profit 17.429418b vs. 17.130706b +1.743%
Selling and distribution costs [3.244707b] vs. [3.188071b] +1.776%
Administrative expenses [5.094642b] vs. [4.397458b] +15.854%
Other income [expenses] 191.841m vs. [447.624m] +142.858%
Finance income 187.589m vs. 11.553m +1,523.725%
Finance costs [1.547213b] vs. [2.193056b] -29.449%
Profit before income tax 7.922286b vs. 6.916050b +15.549%
Profit for the period from continued operations 5.484510b vs. 4.723614b +16.108%
Profit [loss] from discontinued operations 2.249428b vs. 0.101497b +2,116.251%
Profit for the period 7.733938b vs. 4.622117b +67.325%
EPS 9.13 vs. 5.23 +74.570%
EPS (continuing operations) 6.28 vs. 5.37 +16.946%
Net assets 43.116692b vs. 42.009009b +2.637%
Cash and cash equivalents at the end of the period 5.801563b vs. 2.943064b +97.127%

Company Commentary

Net Sales growth of 8%.
Double digit growth in 5/8 product segments and recovery in Senator Keg post the review in duty remission in Kenya
Kenya delivered 22% net sales growth mainly driven by a good performance from Senator Keg and spirits. Innovations led by Chrome Vodka, Kenya Cane coconut and Allsopps Stout also led to the growth.
Net Sales in Uganda and Tanzania remained flat in local currency terms
We experienced a decline in export markets mainly due to the volatile environment in South Sudan
Cash flow from operating activities increased by 51% to 11.4b
Total net borrowings decreased by 8.5b as a result of strong operating cash flow and the sale of CGI contributing to a 38% decrease in net finance costs in the period
Total Profit for the half grew by 67% to 7.7b inclusive of the contribution from the disposal of CGI and netting off 1.0b of negative impact from South Sudanese pound currency devaluation
Interim dividend 2.00 versus 1.50 +33%

EABL recorded strong growth of Senator Keg. PHOTO | FILE @BD_Africa

Senator Keg whose volumes more than doubled following a lowering of excise tax mid last year.

EABL, which is 50.02 per cent owned by multinational brewer Diageo, saw its net sales from the South Sudan business decrease 74 per cent, the Kenyan business grew 22 per cent while Uganda and Tanzania registered seven and 12 per cent drop in net sales respectively.

Sales of mainstream beers, including Tusker, dropped by 10 per cent while premium beers such as Tusker Malt and Guinness grew by a similar margin.

The brewer recently launched a 300ml Tusker bottle targeting lower income consumers seeking to increase sales of its flagship beer.

Its spirits brands like Kenya Cane, Ugandas Waragi and Kane Extra reported net sales growth of 14 per cent while highend brands like Ciroc and Singleton recorded strong growth of 45 per cent.


Organic EPS accelerated +16.946%
Strong Turnaround in cash Position
Interim Dividend +33% is a strong signal.
Kenya evidently a stand Out.

Full Year Revenue 64.420458b versus 60.748887b +6.00%
Full Year Cost of Sales [32.389041b] versus [30.586648b] +6.00%
Full Year Gross Profit 32.031417b versus 30.162239b +6.00%
FY Selling and Distribution Costs [6.038162b] versus [5.761488b] +5.00%
Full Year Administrative Expenses [7.871377b] versus [9.330026b] improved 16%
Full Year Other Income 103.746m versus [422.125m]
Finance Costs [4.074380b] versus [4.343869b] -4.00%
Full Year profit before Income Tax 14.151244b versus 10.389673b
Full Year Profit After Tax 9.574905b versus 6.858608b +40.00% [underlying profit +16%]
Full Year EPS 11.31 versus 8.21 +37.775%
Full Year Dividend 6 shillings a share [+ Interim 1.50 a share] 7.50 versus 5.50 +36.36%

From the Company presentation

Kenya 61% overall contribution to EABL +3.00%
Uganda 18% overall contribution +7.00% [Local Currency FY]
Tanzania 11% +2.00% [Local ccy]
EABL 10% and +48%
Premium Beer +17% RTDs +70%
Spirits Reserve Spirits +71% Premium Spirits +31% Emerging Spirits +32%2
Cites strong performance of Guinness
Spirits grew +31% across the Region
Growth in RTD +70%
Total Group Borrowings decreased by 3.2b
Net Reduction in average interest rate costs to 11.4%
We are disposing Central Glass Industries


Really strong Earnings. And consider the Spirits Acceleration and the Fact that Senator [where the excise duty remission so volumes spike 100% recently] is not a factor.
I had been saying for a while that Mr. Ireland had been optimising the business and this Earnings Release was proof of that.
I have conducted an Interview with Charles and will post that imminently.

EABL reports Interim results
First Half Revenue 34.768b versus 31.858b +9.1342%
First Half Cost of Sales [17.657b] versus [16.127b] +9.487%
First Half Gross Profit 17.111b versus 15.731b
First Half Selling and Distribution Costs [3.188b] versus [3.047b] +4.6275%
First Half Administrative expenses [4.397b] versus [4.507b] -2.4406%
First Half other Expenses [536m] versus [50m]
First Half Operating Profit 8.990b versus 8.127b
First Half Net Finance Costs [2.187b] versus [1.923b] +13.72%
First Half Profit after Tax 4.622b versus 4.161b +11.079%
First Half Earnings Per Share 5.23 versus 4.99 +4.809%
Interim Dividend 1.50 per share unchanged
EABL borrowings +5.5b in H1

Tweets from the Earnings Release Media Briefing

@alykhansatchu EABL first half Earnings @serenahotels @Diageo_News @NSEKenya

@alykhansatchu EABL Revenue by Geographical distribution @NSEKenya

@alykhansatchu Premium Spirits +32% Reserve Spirits +67% EABL H1 Earnings @NSEKenya

@alykhansatchu Senator is now of marginal importance says Charles Ireland #EABL

@alykhansatchu Senator was created as a replacement for illicits like Changaa and Busaa we had 12,000 Outlets EABL H1

@alykhansatchu Premium Beer +13% in Kenya due to @GuinnessIreland #EABL @NSEKenya

@alykhansatchu Uganda Waragi volumes +32% EABL Tanzania stands out H1 +17%

@alykhansatchu EABLi +118% very strong performance in South Sudan constrained by unavailability of dollars

@alykhansatchu Spirits +35% H1 EABL @NSEKenya

@alykhansatchu @tuskerlager flat year on year in Kenya Joe Muganda EABL Kenya

@alykhansatchu We are trying to bring an acting like owner mindset Charles Ireland EABL


These results beat the Street Estimates.
Revenue expansion of 9.1342% is commendable [and this will get juiced in 2015 via the Oil Price Stimulus]
They have bounced Tanzania, Kenya was soft, South Sudan Stood out.
Spirits gaining traction.

I shall leave the Final Comment to Charles Ireland a Friend and Neighbour and sometimes has been to complain about the unruliness of my Hedge

@alykhansatchu All markets and all sectors ex Senator are in growth mode Charles Ireland EABL @Diageo_News

Full Year Net Revenue 61.292176b versus 59.061875b [restated] +3.776%
FY Cost of Sales [31.098550b] versus [31.562560b]
FY Gross Profit 30.193626B versus 27.499315b +10.00%
FY Total Costs [19.787007b] versus [16.384396b]
Full Year Profit before Tax 10.406619b versus 11.114919b
Full Year income Tax Expense [3.548011b] versus [4.592719b]
Full Year Profit After Tax 6.858608b versus 6.522200b +5.157%
Full Year Earnings Per share 8.22 versus 8.55 -3.85%
Full Year diluted Earnings Per Share 8.21 versus 8.54 -3.85%
Final Dividend 4.00 shillings a share +1.50 Interim Dividend

Company Commentary

Kenya [64% of NSV] 1% decline in NSV
Uganda [18% of NSV] Net Sales Growth +13%
Tanzania [11% of NSV] Net Sales Growth -1.00%
Export Markets [7% of NSV] +50% Net Sales Growth
One of staff reorganisation costs of 1.2b
Tusker Lager +17%
Guinness +20%
We already knew Senator Volumes have cratered
Net Capex of 6.8b

@alykhansatchu EABL reports Reserve Spirits +60% year on year Emerging spirits +75% Charles Ireland EABL Full Year @Diageo_News

@alykhansatchu Net Sales Volume and by geography EABL

It was indeed a pleasure interviewing Charles Ireland CEO EABL after the release of Full Year Earnings @Diageo_News


I thought these results were better than expected given the Known Known that was Senator.
FY Revenue Growth of +3.776% was a significant achievement in those circumstances.
Strong Growth at Tusker and Guinness and Reserve Spirits +60% and Emerging Spirits +75%.
I thought these results beat estimates by a margin

6 Months 31st December 2013 versus 6 months through December 2012
H1 Revenue 31.858b versus 30.633b +4.00%
Cost of Sales [16.127b] versus [16.234b] -1.00%
Gross Profit 15.731b versus 14.399b +9.00%
Selling and Distribution [3.047b] versus [2.541b] +20.00%
Administrative Expenses [4.507b] versus [3.564b] +26.00%
H1 Operating Profit 8.127b versus 7.858b +3.00%
Net Finance Costs [2.043b] versus [2.061]
H1 PBT 6.084b versus 5.797b +5.00%
H1 PAT 4.161b versus 3.982b +4.00%
H1 EPS 4.99 versus 4.75 +5.05%
Interim Dividend unchanged 1.50 a share

Company Commentary

The Board of Directors of East African Breweries Limited (EABL) is pleased to announce its half year results for the six months ending 31st December 2013. EABL delivered net revenue growth of 4% and profit after tax growth of 4% in spite of significant challenges in the period.
In Kenya, the business experienced a strong first quarter but the implementation of excise duty on Senator Keg on 1st October led to a significant volume reduction on that brand during the second quarter. Management are reviewing its position in the emerging beer category to ensure sustainability. Strong performance of Tusker, Guinness and spirits partly mitigated that impact, with overall net revenue growing by 6%.
Performance in Uganda was robust, despite a weak consumer economy. Net revenue in Uganda grew by 17% due to improved availability, mix and pricing initiatives.
In Tanzania, net revenue of Serengeti Breweries Limited declined by 11% due to the short term impact of route to consumer initiatives which led to destocking by the wholesaler channel as we moved to an exclusive distribution model. We continue to invest in our business and brands and are confident that this new model is the optimal platform for future growth.
Our international exports business was impacted by political instability in South Sudan in the second quarter but despite this grew net revenue by 6%.
Across the region, we experienced good double digit net sales growth in our premium and mainstream beer and spirits categories. Emerging beer net sales declined by 24% primarily due to the impact of the reduction of the duty remission on Senator in Kenya. However, this was partly offset by strong growth in emerging spirits.
Our cost of sales declined by 1% due to a reduction in raw material costs and the implementation of initiatives to optimise production processes.
We continued our strategy of investing ahead of growth in our brands, increasing our selling and distribution costs by 20% compared to last year. Our brand portfolio was supported by a number of marketing campaigns including Tusker Project Fame 6, Be the Manager campaign for Guinness, Welcome to the Bell National campaign for Bell Lager and the Serengeti Premium Lager Fiesta events. Spirits campaigns included Johnnie Walker Red Labels Step Up campaign which was enhanced by the inaugural Love Whisky Festival in Kenya.
Administrative expenses grew by 26%, with underlying growth of 13%, as a result of the impact of one off costs related to the recent organisational restructuring, as well as incremental investments to streamline back office processes in Tanzania.
During the period net financing costs remained broadly flat. Profit attributable to shareholders improved by 5% to Kshs 3.9bn.
The Board is satisfied with this positive performance in spite of the challenges faced, and expects similar performance to continue in the short term, as the business continues to invest in longer term growth.

Senator Volumes EABL @Diageo_News look what happened after the Excise Tax was raised

EABL H1 2014 EARNINGS DATA beat expectations by a mile

EABL Country Breakdown H1 Earnings

EABL H1 2014 Tusker +17% Guinness +24%

EABL Premium and mainstream data @Diageo_News Reserve Spirits +50% Emerging Spirits triple digit gain H1 Earnings

Uganda +17% H1 Thats strong EABL @Diageo_News

Charles Ireland CEO EABL @Diageo_News 1st Half results 44% beverage alchohol share in EAC


These were much better Results than many expected given the Excise Duty correlated Senator Slump. [-85% see Twitpic below] Uganda was a stand out at +17%. Tanzania was -11.00% but we always knew there would be some work to be done. Reserve Spirits was up +50% and Emerging Spirits was more than 100%.
Tusker the Flagship was +17%
Guinness +24%.
Interestingly cost of borrowing [notwithstanding some more bulking up] was lower.
I thought these Results beat Street Estimates by a Mile.

FY Revenue 59.061875b versus 55.522166b +6.375%
FY Cost of Sales [31.562560b] versus [28.657047b]
FY Gross Profit 27.499315b versus 26.865119b
FY Other Income 140.54m versus 3.797208b -99.62%
FY PBT 11.114919b versus 15.253049b -27.1298%
FY PAT 6.994745b versus 11.186113b -37.469%
FY EPS 8.83 versus 13.46 -34.39%
Final Dividend 4 shillings a share [Interim Dividend 1.50 a share] Total 5.50 versus 8.5 Previous Year -35.294%

A Selection of Tweets from the FY Earnings Release

AlyKhan Satchu @alykhansatchu

The inestimable charm of @serenahotels Nairobi in early morning an oasis in the City morning from the EABL FY Earnings release @Diageo_News
EABL Kenya 67% FY Net Sales Premium Beer +18% RTDs +47% Guinness +20%
EABL Reserve Spirits +276% Premium Spirits +22% Mainstream Spirits -6.00% Emerging Spirits +32%
EABL FY Net Sales +6% Volumes +3% FY Operating Profit +0.2% @Diageo_News

I will upload the Presentations when I receive them.


The FY Profits Warning issued on 30th July 2013 forewarned. FY Revenue of +6.375% confirms the Growth Story is in tact. The Year on Year other Income comparison was -99.62%. The Previous FY EABL had booked a 3.797208b one off Gain.
The Trailing PE is 34.5 and is now rich.
The +276% Reserve Spirits Acceleration is eye catching.

EABL H1 Earnings through December 2012 versus 6 months through 2011
Net Revenue 30.633b versus 27.777b +10.28188%
Cost of Sales [16.234b] versus [14.321b] +13.358%
Gross Profit 14.399b versus 13.456b +7.008%
Selling and Distribution Costs [2.541b] versus [2.311b]
Administration Expenses [3.564b] versus [3.699b]
Other Operating Expenses [0.436b] versus [0.134b]
Profit from Operations 7.858b versus 7.312b +7.467%
Net Finance Costs [2.061b] versus [0.642b] +221%
H1 Profit Before Taxation 5.797b versus 6.670b -13.088455%
H1 Profit After Taxation 3.982b versus 4.877b -18.351445%
H1 Earnings Per Share 4.75 versus 5.55 -14.4144%
Interim Dividend 1.50 per share versus 2.50 Last Time
Cash from Operating Activities 7.424b

Company Commentary
Net Revenue Kenya grew 12%
Uganda Breweries +3%
Serengeti Tanzania +16%
EABLi +28%
Total Beer Portfolio grew 11%
Total Spirits Portfolio grew 9%
Premium Spirits Portfolio +45%
New Beer Brands introduced Balozi and Kibo Gold
Jebel Gin Innovation


The Headline Numbers of H1 PBT -13.088455% and H1 PAT -18.351445% might catch Peoples Attention but beneath that Surface lies a Muscular Business.
The Half Year on Year Comparison is not flattered by the Financing Costs around the Purchase of 20% of Kenya Breweries.
Devlin Hainsworth in My Interview spoke to an H2 Acceleration [with the Proviso that The Election goes well].
EABL is investing now to embed its 91 Year Advantage and I think Investors will look through the Near Term Noise and like the Underlying Growth Trajectory.
Top Line Growth of 11% in Beer and 9% in Spirits is more than solid.
Devlin was very excited about Jebel Gin which is being sold at 100 Shillings.
300.00 will be a Floor and then I expect the Price to turn higher.

EABL Net sales By Geography Twitpic

Devlin Hainsworth talks about Premiumisation and the World of Spirits EABL @Diageo_News Twitpic

@CKirubi asks the 1st Question EABL Investor Briefing @Diageo_News

FY 2012 versus FY 2011
Consolidated Income Statement
Revenue 55.522166b versus 44.895037b +23.67105522%
Cost of Sales 28.657047b versus 22.828144b +25.533845%
Gross Profit 26.865119b versus 22.066893b +21.74400356%
Other Income 3.797208b versus 0.320673b +1084%
Administration Expenses 7.450204b versus 6.474500b +15.069951%
Finance Costs 4.562537b versus 0.272156b +1576%
Full Year Profit Before Tax 15.253049b versus 12.258989b +24.42338434%
Full Year Profit After Tax 11.186113b versus 9.023660b +23.9642561%
Earnings Per Share 13.46 versus 9.30 +44.731182%
Borrowings 19.982236b versus 3.917688b
Final Dividend 6.00 shillings a share Unchanged
Final Interim 8.50

Via The Investor Relations Briefing Document
In this Region since 1922
TBL Share Gain 3.646339b
Beer Net Sales +21%
Uganda Net Sales +38%
Tanzania Net Sales +76%
EABLi Net Sales +30%
CAPEX Investment Moshi Brewery, Uganda Mash Filter, Kenya Canning Line
Tusker +17%
Guinness +23%
Serengeti Beer +49%
Senator +53%
Johnnie Walker +74%
Spirit Net Sales +47%
Female Opportunity

Twitpics from the Presentation

A Golden Era for the Business says EABL MD Devlin Hainsworth @Diageo_News Twitpic

We are seeing significant Premiumisation across East #Africa Devlin Hainsworth EABL @Diageo_News Twitpic


Predicable and Predicted strong FY Earnings.
Full Year Profit Before Tax 15.253049b versus 12.258989b +24.42338434%
Full Year Profit After Tax 11.186113b versus 9.023660b +23.9642561%
Earnings Per Share 13.46 versus 9.30 +44.731182%
is a Strong Score Card any which way you cut it.
Real Acceleration across Spirits and across key Brands and Geographies.
I did an Interview with the CEO After the Results Release and he was predictably bullish.

H1 2011 versus H1 2010 Results Swot Analysis
Revenue 27.777b versus 20.463b +35.74%
Net Finance Costs [642m] versus 50
Profit Before Income Tax 6.67b versus 6.165b
Profit After Tax 4.877b versus 4.152b +17.461%
Earnings Per Share 5.55 versus 4.03 +37.71%
Total Comprehensive Income 4.561b versus 3.990b
Long Term Borrowings 23.32b versus 3.918b
Available for Sale Investments Tanzania Breweries 2.465b versus 6.3b Actual Sale before Deductions which will feed in at FY and it looks real Material
Interim Dividend 2.50 a share
Purchase of NCI share of Kenya Breweries 20.876b


The Impressive Performance is a direct result of sustained Focus on our Grwoth Strategy, anchored on our Strong Brands, innovations Tusker growing 21%solid performance in premium and mainstream Spirits Seni Adetu.
Uganda showing strong Momentum.

My Twitpic comments from the Investor Briefing are here


I thought these H1 Results plain muscular. PAT accelerated 17.461% and EPS +37.71% with a Windfall Gain still to be bagged in the FY Earnings Release from the TBL Share Sale. Clearly EABL is investing aggressively in Tanzania at this Point, has gained serious Traction in Uganda and the Great Lakes Region.

I cannot Fault these Results and I see an Inflection Point in the Earnings Trajectory here.

If we need to borrow to expand we will Seni Adetu #EABL #Diageo #Africa #Beer

EABL Vision Statement Twitpic

Do Watch Seni Adetu at #Mindspeak RICH TV

The Power Point presentation is here

FY Results to 30th June 2011 versus FY Results June 2010
Net Revenue 44.895b versus 38.679b +16%
Cost of Sales 22.831b versus 19.537b +17%
Selling and Distributions costs 3.491b +36%
PBT 12.249b versus 12.569b -3.00%
PAT 9.014b versus 8.838b +2.00%
EPS 9.30 versus 9.09 +2.00%
Final Dividend 6.25 Total Dividend PayOut 8.75
Dividend Yield 5.47%
Serengeti now consolidated into Accounts


I thought these Results beat the Street Estimates. Operationally, 2011 has presented a lot of challenges. Also, they are taking a more
offensive Position in the Region. I think they have executed both Good Defence and Good Offence. EABL trades at a PE Premium to the NSE and
the Dividend Yield is 5.47% which is surely attractive.

1st Half Results End December 2010 Swot Analysis
Interim Dividend 2.50

Revenue 20.463 Billion versus 18.617b
operating Profit 6.115b versus 5.342b
Profit After Tax 4.152b versus 4.223b
EPS 4.03 versus 4.41
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 31 Jan 2023
  26-JAN-2023 ::  Half Year Results
  Unaudited Results for the Half-Year Ended 31st December 2022

Download N.S.E Announcement
  28-JUL-2022 ::  Full Year Results
  Audited Results for the Year Ended 30th June 2022.

Download N.S.E Announcement
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