Rise in excise duty drains EABL sales, flattens profit
Nairobi, Jan. 29 -- The consistent rise in excise duty on alcohol in Kenya since last July has dipped East African Breweries Ltd's (EABL) sales in the country by one percent, flattening the group's profit in the half year to December 2022.
Its net profit in the period stagnated at Ksh8.7 billion ($69.9 million), compared with its half-year profits in December 2021, which was more than double the $33.11 million recorded the previous period as Covid-19 restrictions eased across the region.
The brewer said the flat growth was largely due to a steep rise in excise taxes in Kenya, its largest market, resulting in price increases that significantly affected consumer purchasing patterns.
Excise duty raised
Kenya's budget for the 2022/23 fina...
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