Profits fall by 21 percent
Sechaba Brewery Holdings Limited (SBHL) has announced that its associate, Kgalagadi Breweries Limited (KBL) has suffered a 21 percent drop in profits after tax for the period ended 31 December 2020.
This follows a tough trading year for the liquor industry following two bans on liquor trade with the other ban lasting for two months.
For the period under review, KBL registered a profit after tax of P239.5 million, from P302.7 million recorded in the same period last year.
This came on the backdrop of KBL volumes sold declining by 29 percent during the course of 2020.
Sechaba has blamed the falling profits on the measures taken to control the spread of Covid-19 in the country such as the cancellation of the sale of alcohol and the reduction in operating hours of restaurants and other outlets that would otherwise have traded in the products of the company.