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Mauritius has been drinking more, Phoenix Bev’s turnover hits Rs7.5billion

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Mauritius has been drinking more, Phoenix Bev’s turnover hits Rs7.5billion

Phoenix Beverages Ltd (Phoenix Bev), the leading brewer and beverage company, has just posted a 14.8% increase in turnover for the year ended 30 June 2022.

Its financial statements reveal that Mauritians have been drinking 6.2% more alcoholic and non-alcoholic products, including beers, wines and spirits, soft drinks, table water and other beverages compared to last year.

Neighbours of Reunion Island, for their part, also drank 2.5% more compared to last year.

The increase in sales volume in Mauritius and in Reunion Island saw an almost Rs1 billion increase in turnover for Phoenix Bev – from Rs 6.53 billion to Rs 7.5 billion.

The beverage company’s profit before tax increased by 26.5% from Rs 416.5 million to Rs 526.7 million.

According to the statements available on the website of the Stock Exchange of Mauritius, Phoenix Bev’s profit would have been higher had it not incurred “exceptional expenses” relating to legal and due diligence exercises. These were in respect of the aborted acquisition of a company based in United Kingdom – the company was said to operate in a similar line of business as Phoenix Bev.

Turnover from its operations in Reunion Island increased from Euro 28.3 million (Rs 1.34 billion) to Euro 31.3 million (Rs 1,516 million), and profit after tax for the period increased by 56.6% from Euro 1.59 million (Rs 75.5 million) to Euro 2.49 million (Rs 120.3 million) in 2022.

“Increase in sales volume and a better sales mix were the main contributors to these improved results,” the company said.

At the Group level, its turnover for the year increased by 14.6% from Rs 7.86 billion to Rs 9 billion and Group profit after tax for the period stood at Rs 416.8 million (2021: Rs 531.2 million). 

Source: Stock Exchange of Mauritius

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.