Namibia Breweries Limited (NBL) announced its condensed consolidated interim financial results for the period ended 30 June 2024, with a net revenue increase of over N$4 million.

NBL's diversified portfolio has yielded positive results, with volume growth in all beverage categories. 

This comes as the company continues to manage cash efficiently given high capital expenditure, higher debt levels, and challenging market conditions.

Net revenue saw an increase of 19.8% to over N$4 million due to strong growth in the wine, cider, and spirits portfolio, coupled with market share gains in beer. 

During the second half of the year, the company's contributions from South Africa showed improvement, while export revenue slowed.

Fixed cost ratios improved, brought about by the integrated businesses of Distell and NBL.

The expanded portfolio provided more opportunities to meet consumer needs, while the company's operating profit increased by 10.6% to N$466 million compared to N$421 million in 2023. 

However, the net profit after tax declined by over 90% year-on-year, primarily due to significant one-off gains in 2023 from the sale of shares in Heineken South Africa.

In the coming six months, NBL plans to continue optimising the combined brands, infrastructure, and people. 

Synergies are further expected to bolster margins, balancing price sensitivity impacts on revenue, while an expanding data set will enable the business to anticipate competitive market trends going forward to capitalise on further growth opportunities.