Economic hardships swing South Africa’s Distell into US$52.15m write downs

SOUTH AFRICA – Distell, a South African based beverage manufacturer, has said that economic challenges in Angola and Zimbabwe have pushed the company into combined write-downs of US$ 52.15 million (R790.1m). The maker of Amarula, Savanna and Hunter’s Dry brands, has written down its investments in Angola by US$34.59 million (R524m) in addition to a credit loss provision of US$17.57 million (R266.1m) in Zimbabwe. The beverages firm noted that the devaluation of about 50% of the Angolan kwanza and its impact on the Angolan economy had negatively affected the earnings…

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Delta Corporation increases shareholding in African Distillers to 50.1%

ZIMBABWE – Delta Corporation Limited, a leading beverages producer in Zimbabwe, has increased its shareholding in wine and spirits firm, Africa Distillers Limited (Afdis) to 50.1% as the majority shareholder. Before the additional share accumulation, Delta held 8.29% in direct shareholding in Afdis while Afdis Holdings private limited held the largest shareholding in Afdis at 59.38% followed by Old Mutual at 10.45%. “Turning to investments Delta has been making, the group effective shareholding in Afdis has increased to 50,1 percent and the entity has been consolidated as a subsidiary,” said…

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Afdis records 56% earnings growth with buoyant product demand

ZIMBABWE – Spirits and wines maker, African Distillers Limited’s (Afdis) has said the demand for its products remained buoyant but could not be fully satisfied due to the inconsistent supply of finished products owing to the unavailability of foreign currency. Performance for the half year to December 31, 2017, was however considered satisfactory as the company managed to record a 56% growth in profit to US$2.7 million compared to US$1.7 million achieved during the comparable prior year period on increased demand. The company declared an interim dividend of 0.40 cents per…

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AFDIS registers double-digit growth, eyes plant upgrade

ZIMBABWE -
 Spirits and wine maker, African Distillers Limited (Afdis), says it will embark on plant and equipment upgrade to enhance production as the firm maintains a double-digit growth in volumes. AFDIS managing director Cecil Gombera, told shareholders at the group’s annual general meeting yesterday that the firm was looking at ways of cushioning itself in the face of uncertain business environment characterised by foreign currency shortages. “The investment climate is not conducive but we are looking at the various options to do with our production facilities to try and…

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