East African Breweries averts forex losses in volatile Kenyan market - The Africa Report.com

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By renegotiating contracts, EABL_PLC reduced forex losses to 2.1% to year-end June 2023 and has increased forex reserves, making it stronger amid financial volatility in the region. Kenya

Bottles of Tusker Malt beer at the East African Breweries Limited factory in Nairobi.

By renegotiating contracts, the drinks company reduced its exposure to forex pressure, while local sourcing has kept it resilient. Kenya’s biggest brewer, East African Breweries Limited , has reviewed the terms of existing contracts priced in foreign currency as part of attempts to minimise foreign exchange losses in the Kenyan market in the first six months of 2023.

Although the revision of the contracts – mainly for raw materials sourced outside the county – came at a marginal extra cost, it saved the brewer from experiencing bigger forex losses in the full financial year that ended in June 2023. Without the revisions, the forex impact could have eaten into EABL’s earnings beyond the 2.1% cost recorded. The drinks manufacturer’s earnings before interest and taxes stood at KSh28.3bn by the end of June.With this strategy in place, EABL says it is nowGet unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

 

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