It’s ‘Cheers’ for Mauritius’ Phoenix Beverages as half year profits triple
Group turnover for the 6 months period increased by 6.7% to Rs 2.6 billion compared to the corresponding period in 2012 where it was Rs 2.44 billion. (Image: Proudly African)
Mauritius’ Phoenix Beverages Limited (PBL) showed a whopping 193% increase in consolidated profits before tax for the six-month period ended December 2013, compared to the corresponding period a year ago.
The abnormal gains for the half year ended December can be attributed to the stake sale by the leading beverages major of its entire interests in its associated companies in Madagascar.
It may be noted that the board has for the first time paid an interim dividend of Rs 3.20 per share.
Further financial highlights released on the stock exchange showed that the group turnover for the 6 months period increased by 6.7% to Rs 2.6 billion compared to the corresponding period in 2012 where it was Rs 2.44 billion.
However, the sales volume of the company for the 6 months period to December 31, 2013 went up only 1.8% when compared to the corresponding period last year. Also, profits at a standalone company level came down 13.4% to Rs 174.96 million from Rs 202.02 million a year ago.
The group profit before finance costs were up 5.9%, representing an increase of 12.8 million from Rs 216.3 million a year ago to Rs 229.1 million for the six months ended 31 December 2013. Also, group profit after tax for the period stood at Rs 479.6 million compared to 2012 when PAT was Rs 99.9 million.
In the same period, net assets per share increased by 15.3%, from Rs 165.1 to Rs 190.3.
On the stake sale by PBL of its interests in Madagascar associates, the board believes that this divestment is in the interest of PBL given that the prevailing conditions of operations in Madagascar remain uncertain and likely to require substantial further cash injections.
The net gain resulting from this transaction at group level amounted to Rs 289.1M, after taking into consideration its share of loss from discontinued operations and exchange differences realized on disposal of associates.
Hence, the company is now exploring a number of opportunities in order to consolidate the activities of the group.
Phoenix Beverages Limited (PBL)
Phoenix Beverage Limited ranks amongst the top companies of Mauritius as a leading beverage company.
Established in Mauritius since 1960, it has been listed on the Stock Exchange of Mauritius since 1993.
PBL was born from the strategic merger of Phoenix Camp Minerals and Mauritius Breweries Ltd whose flagship brand, the Phoenix Beer, was launched in 1963. Since then, it has become the preferred beer of Mauritius.
With a turnover of Rs 3.7 billion and employing more than 1,000 employees, PBL produces an average of 1.2 million hectoliters and non-alcoholic drinks and delivers its products to over 10,000 outlets.
Source: Company Website