Diageo's Kenyan unit, East African Breweries, recorded full-year earnings of 7.35B shillings, up 2% from previous year, despite drought, rising inflation; revenue grew 16% to 44.9B shillings
August 26, 2011
– Diageo Plc's East African Breweries Ltd.'s earnings for the year ending in June climbed 2% to 7.35 billion shillings ($79 million) despite rising inflation and drought in East Africa, Bloomberg reported Aug. 26.
Revenue grew 16% to 44.9 billion shillings. The company is Kenya's largest by market value.
"The weakening economic fundamentals continued to deteriorate across the eastern Africa region, reflecting the tough operating environment," the company said. "This has in turn affected disposable incomes, diminished per-capita income and raised the costs of living."
East Africa Breweries controls 95% of Kenya's beer industry, while Diageo, the world's largest liquor maker, owns 50.03% of EABL.
The primary source of this article is Bloomberg, New York, New York, on Aug. 26, 2011.