Phoenix Beverages reports 7.1% sales growth amid expansion, operational investments

MAURITIUS – Phoenix Beverages Limited (PBL), the largest brewery in Mauiritius, has reported a 7.1 percent increase in group sales volume to MUR 12,171 million (US$262.87M)for the financial year ended June 30, 2024, up from MUR 10,609 million in the previous year.  

Group net profit surged by 49.1 percent, reaching MUR 1,091 million (US$23.56M), bolstered by improved performance in Mauritius and favorable exchange rate fluctuations in foreign operations. 

Operations in Réunion Island contributed significantly to the profit increase, delivering MUR 172 million (US$3.7M), up from MUR 135 million (US$2.9M) in 2023.  

The full-year impact of PBL’s distribution partnership with Pernod Ricard in Réunion and higher export volumes also supported the growth. 

Group EBITDA grew by 35.9 percent to MUR 1,950 million (US$42.1M), while company-level EBITDA rose by 44.9 percent to MUR 1,646 million (US$35.55M).  

The company noted that group EBITDA increased at a compound annual growth rate (CAGR) of 15.2 percent between 2020 and 2024. 

PBL CEO Bernard Theys acknowledged the challenging business environment, citing supply chain complexities, rising energy costs, high interest rates, and foreign currency shortages.  

Despite these obstacles, the company invested MUR 417 million (US$9M) in capital expenditure during FY2024, focusing on bottles, crates, and machinery upgrades. 

Looking ahead, PBL plans to invest further in equipment over the next two years to boost production capacity and efficiency. These initiatives include modernizing key production lines, optimizing energy use, and enhancing sustainability practices. 

“We are advancing plans to enhance our facilities, significantly increase production capacity and expand our warehouses to support future growth. We face a busy year ahead as we execute our expansion plans and launch a number of exciting new products,” Bernard said. 

The company also aims to strengthen its market position through regional expansion and innovation.  

As part of its growth strategy, PBL acquired a 28.15 percent stake in African Originals Limited in October 2023.   

Based in the UK, African Originals holds a 100 percent equity stake in Savannah Brands Limited, a Kenyan beverage company with high growth potential.   

PBL expressed its commitment to increasing its stake to support Savannah Brands’ growth in East Africa. 

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