Nairobi, Jan. 25 -- East African Breweries Plc (EABL) cut its interim dividend by 73.3 percent to Sh1 per share after posting lower earnings in the half year to December 2023.

The company had paid an interim dividend of Sh3.75 per share a year earlier. The new dividend will be paid on April 26 to shareholders on record as of February 16.

EABL's dividend has been trending down since the year ended June 2022 when it made a peak distribution of Sh11 per share after registering a strong recovery from the impact of the Covid-19 pandemic.

The brewer's net profit dropped 22 percent to Sh6.7 billion in the review period as high operating costs, increased debt service expenses and weakening of the shilling eroded the benefits of increased sales...