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Afdis Posts 15Pc Growth In First Quarter Earnings

Alcoholic beverages maker, African Distillers Limited (Afdis) has posted ZWL$ 156 million in revenue for the three months to September (inflationary terms), marking a 15 percent growth  from comparable period last year.

The positive revenue performance was buoyed by improved uptake of higher value spirits.

The Company also registered a volume growth of 28 percent for the quarter over last year same period.

“In addition to the growth in volume, a favorable sales mix which favored higher valued sprits largely contributed to the good revenue performance,” said company secretary, Lydiah Mutamuko.

Spirits and Ready-To-Drink (RTD) volumes grew 43% and 24% respectively and wines declined by 38% over the last prior year quarter comparative.

Improvements in the availability of foreign currency in the economy following the introduction of the foreign currency auction system coupled with the stabilization of the exchange rate brought relief to operations of the company.

“The ability of customers to settle in foreign currency and the foreign currency auction system has brought the well needed relief to the industry and the economy at large. The Company was able to meet all its demand and satisfy the market requirements owing to the improved foreign currency supply,” said Mutamuko.

 

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