Namibia: Namibia Breweries Limited posts improved financial results

The operation profit of the Namibia Breweries Limited (NBL) for the six months ended 31 December, 2005 increased by 25% from that of the same period in 2004 mainly because of a reduction in operation expenditure and improved efficiencies, the breweries said last week as it unveiled its interim results, Namibia Economist reported on March 31.

The brewert posted a profit before tax of N$50.7 million compared to N$39.7 million in the six months ending 31 December 2004. Revenue increased to N$511. 7 million compared to N$510.4 million in the same period in 2004, NBL said. Heineken and Diagoe have a 28.9% combined stake in the brewery.

The rest of the shares are owned by the local company, Ohlthaver and List Group, and the company is worth N$717 million. The NBL said beer volume sales on the local market increased for a consecutive period despite competition with South African beer.

Beers sales volume in South Africa, NBL's biggest foreign market, declined during the period due to stiff competition from SAB Miller. "However, the group remains highly committed to this market and the board is confident that plans, now in place, will result in volume growth over the next twelve months," NBL stated.

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