Covid knocks NamBrew’s profit

Jo-Maré Duddy – Locally-listed Namibia Breweries reported a net profit of N$170.7 million for the six months ended 31 December 2020, a drop of about N$147 million or 46.3% compared to the same half-year in 2019.
Releasing its interim results on the Namibian Stock Exchange (NSX), NamBrew said “challenging trading conditions across NBL’s operating regions, as a result of the Covid-19 pandemic,” negatively impacted its performance.
NamBrew suffered lower production volumes, a decrease in royalty income and a loss from Heineken South Africa.
Revenue tumbled by nearly N$315 million or 18.5% year-on-year (y/y) to nearly N$1.39 billion.
NamBrew reported headline earnings per share (HEPS) - a profitability gauge - of 81.4c, a y/y drop of 71.8c or nearly 47%.
The group declared a dividend of 56c per share, better than the 53c it declared in the corresponding six months in 2019.
NamBrew is listed on the Local Index of the NSX. With a total market capitalisation of N$6.404 billion, it is the second biggest company on the Local Index.
NamBrew closed at N$31.01 per share today. The share price has lost 6.7% since the end of 2020.