April 23, 2018 / 2:19 PM / a month ago

Rwandan brewer Bralirwa profit lifted by lower financing costs

KIGALI, April 23 (Reuters) - Rwandan brewer Bralirwa said on Monday its pretax profit rose to 7.709 billion francs ($9 million) in 2017, from 2.67 billion francs a year earlier, helped by lower financing costs that cushioned a slight revenue drop.

Bralirwa is Rwanda’s oldest brewery and has rights to produce beer brands such as Amstel. It also produces branded soft drinks such as Coca-Cola.

It said its sales volumes fell by 12 percent to 1.5 billion francs in 2017, hurt by the impact of price rises of both soft drinks and beer and strong competition.

“We used to be in (a) monopoly situation in 10 years ago and now we are facing strong competition from local production coming from Skol but also from imports … from Uganda, Tanzania and Kenya,” Victor Madiela managing director, said.

Bralirwa said its earnings per share rose to 3.75 francs from 1.36 francs in 2016. ($1 = 845.9700 Rwandan francs) (Reporting by Clement Uwiringiyimana; Editing by George Obulutsa and Alexander Smith)

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