According to their records, volumes for the quarter were up 27 per cent to 1 670 hecto litres (hl) compared with the prior period’s 1 318hl, surpassing the budgeted levels.
“There is a strong resurgence in our part of the economy as all businesses are operating above expectations,” Mutizwa said.
Volumes performance ran ahead of the company’s expectations across the board, underpinned by strong demand. Maheu recorded phenomenal growth of 182 per cent compared with prior year. Lagers were up 28 per cent driven by strong demand for Eagle lager, whilst the sorghum beer registered a turnaround from last year’s sluggish performance to a growth of 17 per cent firmer. Sparkling beverages grew 45 per cent despite capacity constraints while plastic packaging 30 per cent stronger than prior year.
“Despite the cold weather experienced during April to June, volumes for quarter surpassed the third quarter in 2011 of 1 623hl.”
He added that the third quarter from October – December was usually the best quarter for the business due to the festive season, but the new phenomenon of high volumes in the first quarter gave birth to what the company said was the “twin-peak phenomenon”.
Revenue for the quarter stood at US$144 million, up 42 per cent from comparable period with the company collecting US$50 million in April and $47 million apiece for May and June.
Earnings before interest tax and depreciation (EBITDA) was 45 per cent stronger than prior year at US$22,7 million which was 26 per cent above company budget. EBIT came in at US$17,7 million which was 44 per cent higher than prior year.
Post published in: Business