Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food and beverage stories from across the African continent. Past editions can be found here.
Tanzania: TBL Sees 68% Growth In Profit 2021
Tanzania Breweries Limited (TBL), a subsidiary of brewing giant AB InBev, has posted an after-tax profit of Sh149.6 billion ($64.3 million) for its 2021 financial year ended December 2021. This figure represents an increase of 68 %, compared to the $38.3 million achieved in the same period last year. This result came as the companies saw a jump in sales to $437 million, and witnessed a significant drop in tax charges (-47%). TBL has a 75% share of the beer market in Tanzania.
Egypt: The Food Lab Gains $4.5 Million In Funding
In Egypt, cloud-based kitchen services operator The Food Lab has raised $4.5 million in a pre-seed funding round to support its expansion in the country and in the MENA region. The company, founded in 2020, provides a range of services including cooking, delivery, recommendations, and marketing for restaurants. It has so far partnered with more than 50 local and international brands and has served 175,000 customers.
Nigeria: Bature Brewery Seeks $2 Million For Expansion
In Nigeria, local beverage manufacturer Bature Brewery intends to raise $2 million to fund its expansion in West Africa. The company intends to replicate its success in Nigeria in other countries in the region, where its two brands Black Gold and Lagos Lager are already the fastest growing craft beers in Nigeria. Rising incomes on the continent, coupled with increasing consumer preference for the new styles and flavours offered, should continue to fuel the growth of craft beer on the continent.
Zimbabwe: Dairibord Posts 55% Increase In Revenue In 2021
Zimbabwean dairy products manufacturer Dairibord Holdings, has recorded a 55% increase in annual sales to Z$13.17 billion ($36.4 million). This increase in revenue was driven by a 49% jump in volumes to a five-year high of 94.2 million litres. This performance led to an increase in operating profit to $2 million. In addition, the group made a profit after tax of $168,000, an increase of 149% on the previous year, despite a 50% increase in the cost of sales. Dairibord's portfolio of products includes ice cream and yogurt.
Kenya: Victory Farms Raises $5 Million
In Kenya, aquaculture company Victory Farms has benefited from a financial package of $5 million from from a group of investors. The firm, which produces tilapia, will use the fund to strengthen its operations in the farming chain and expand in Rwanda, the DRC and Tanzania. The company, founded in 2016, intends to become one of the most important players in the aquaculture industry in the continent.
Seychelles: Thai Union To Invest $10m In Tuna Cannery
Seafood giant Thai Union plans to inject an additional $10 million into its Seychelles-based Indian Ocean Tuna (IOT) cannery over the next two years. The factory, the only one of its kind in the country, is one of the largest in the world, with an average production of 1.5 million cans of tuna per day. With this new investment, the company wants to expand its tuna canning capacity and strengthen its presence in the country where it has been present for over a decade.
© 2022 European Supermarket Magazine – your source for the latest A-brand news. Article by Espoir Olodo. Click subscribe to sign up to ESM: European Supermarket Magazine.