Business / Companies
Zimbabwe lifts SABMiller’s sales volumes
18 Jan 2011 at 08:21hrs | Views
SABMiller plc said its financial performance was in line with its expectations after the maker of Grolsch and Peroni Nastro Azzuro posted a forecast-beating rise in third-quarter lager volumes, boosted by emerging markets operations.
"Continued improvement in economic conditions in many of our emerging markets assisted our volume performance," the company said in a statement.
Lager volumes for the quarter ended Dec. 31 2010 rose 3% on an organic basis, which excludes acquisitions and disposals, beating market expectations for a 1.7% rise. The rise represents a year-on-year improvement from flat volumes, but a slowdown from the second quarter when lager volumes rose 4% growth on weak comparables and a strong performance in China. Soft drink volumes in the quarter increased 5%.
In Africa lager volumes for the quarter grew 12% on an organic basis. Excluding the share of Zimbabwe`s volumes, lager volume growth in Africa would have been 8%. In Tanzania volumes were 10% ahead of the prior year reflecting growth in the south, assisted by the new Mbeya brewery and growth in the local premium segment. In Uganda volumes were also 10% higher aided by capacity expansion in the prior year. In Zambia, favourable economic conditions and a price reduction, following a drop in excise rates earlier in the year, helped lift volumes by 38%. Lager volume growth in Mozambique moderated in the third quarter as they cycled the commissioning of the brewery in the north of the country. Angola continued to deliver strong lager volume growth assisted by the new Luanda brewery. Soft drinks volumes for the quarter grew by 10% (5% growth excluding Zimbabwe) on an organic basis.
On a nine-month basis, the world's second-biggest brewer by volume after Anheuser-Busch Inbev NV (ABI.BT) said lager volumes were up 2% and soft drink volumes 3% higher on year.
Group revenue on an organic, constant currency basis rose 6%, while group revenue per hectolitre increased 3%.
In November last year, the London-based company--which also counts Miller Lite, Castle Lager and Pilsner Urquell among its brands--said volume growth in emerging markets, cost-cutting and raising the price of some of its beers boosted first-half profit, but also cautioned that consumer spending remains subdued.
"Continued improvement in economic conditions in many of our emerging markets assisted our volume performance," the company said in a statement.
Lager volumes for the quarter ended Dec. 31 2010 rose 3% on an organic basis, which excludes acquisitions and disposals, beating market expectations for a 1.7% rise. The rise represents a year-on-year improvement from flat volumes, but a slowdown from the second quarter when lager volumes rose 4% growth on weak comparables and a strong performance in China. Soft drink volumes in the quarter increased 5%.
In Africa lager volumes for the quarter grew 12% on an organic basis. Excluding the share of Zimbabwe`s volumes, lager volume growth in Africa would have been 8%. In Tanzania volumes were 10% ahead of the prior year reflecting growth in the south, assisted by the new Mbeya brewery and growth in the local premium segment. In Uganda volumes were also 10% higher aided by capacity expansion in the prior year. In Zambia, favourable economic conditions and a price reduction, following a drop in excise rates earlier in the year, helped lift volumes by 38%. Lager volume growth in Mozambique moderated in the third quarter as they cycled the commissioning of the brewery in the north of the country. Angola continued to deliver strong lager volume growth assisted by the new Luanda brewery. Soft drinks volumes for the quarter grew by 10% (5% growth excluding Zimbabwe) on an organic basis.
On a nine-month basis, the world's second-biggest brewer by volume after Anheuser-Busch Inbev NV (ABI.BT) said lager volumes were up 2% and soft drink volumes 3% higher on year.
Group revenue on an organic, constant currency basis rose 6%, while group revenue per hectolitre increased 3%.
In November last year, the London-based company--which also counts Miller Lite, Castle Lager and Pilsner Urquell among its brands--said volume growth in emerging markets, cost-cutting and raising the price of some of its beers boosted first-half profit, but also cautioned that consumer spending remains subdued.
Source - Byo24News
