HomeNewsSABMiller's Zimbabwe unit H1 earnings up 41 pct

SABMiller’s Zimbabwe unit H1 earnings up 41 pct


HARARE Nov 7 – SABMiller’s Zimbabwe unit reported a 41 percent jump in half-year earnings on Wednesday, driven by strong beverage sales growth in the recovering economy.

Report by Reuters

Delta Corporation, 38 percent owned by SABMiller, said earnings per share rose to 3.50 cents in the six months to end-September, up from 2.49 cents.

After-tax profit was $42.6 million, compared to $30.29 million in the first half of 2011.

SABMiller and its rivals are targeting surging demand for beer in Africa, to offset slower prospects in more developed markets.

Revenue was $299.6 million, up 18 percent from the corresponding period of 2011, on the back of a 9 percent growth in lager sales and an 11 percent increase in carbonated beverages.

Delta says it has spent over $200 million on its operations since 2009, when Zimbabwe’s power-sharing government adopted the use of foreign currencies to replace its own, which was rendered worthless when hyperinflation reached 500 billion percent.

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