East African Breweries (EABL) PLC reported a significant decrease in net income for the financial year ending June 2024. The company’s profits dropped by 11.79%, totaling KSh10.87 billion for the period between July 2023 and June 2024, according to a report released on Tuesday.
In the previous financial year (July 2022 to June 2023), EABL experienced a 20.87% reduction in net income, amounting to KSh12.32 billion. The company had recorded its highest profit in the last five years during the 2021/2022 financial year, with earnings of KSh15.57 billion.
EABL attributes the ongoing decline in profits to increased borrowing costs and the depreciation of the Kenyan shilling.
