Rwanda: Bralirwa approve unchanged Dividends despite drop in profits

Shareholders of Rwanda Stock Exchange-listed beverages manufacturer, Bralirwa, have approved a Rwf7.5 dividend payout per share for 2014, unchanged compared to 2013, a statement from the firm indicates. The dividend is same as what.

The shareholders okayed the payout during the annual general meeting on May 27 in Kigali. This will translate into a Rwf7.7 billion total payout to shareholders, and the brewer will retain slightly over Rwf5.5 billion of the Rwf13.2 billion it announced as net profit for 2014.

According to the statement, Heineken International remains Bralirwa’s largest shareholder with a 40 per cent stake, BV Beleggingsmaatschappij Limba, a subsidiary of Heineken with 35 per cent and the Rwandan public with 25 per cent.

Bralirwa’s net profit declined by 14.3 per cent last year, from Rwf15.5 billion in 2013 to Rwf13.2 billion. This was in spite of the growth in sales volume and revenue of 1.9 and 0.9 per cent, respectively, during the same period. The firm’s sales volume increased from 1.65 million hectolitres or Rwf78.5 billion in value the previous year, to 1.68 million hectolitres (Rwf79.2 billion last year.

The drop was attributed to higher absorption costs, depreciation of the Rwandan franc, as well as increased expenditure.

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