Yum Brands Q1 profits more than triple buoyed by elevated appetite for fast foods

US – Yum Brands, the owner of KFC, Taco Bell, and Pizza Hut, has had its profits more than triple in Q1 as business improved following easing of Covid-19 restrictions. The company’s profits during the quarter jumped to US$326 million up from US$83 million recorded in 2020. The profits were also higher than the US$262 million earned in the same three months in 2019. Sales at stores open at least a year, a key gauge of a restaurant operator’s health, climbed 9% with KFC’s same-store sales increasing 14% in the…

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Guinness Ghana goes green with installation of solar power plant, Diageo’s West African units exhibit stellar performance

WEST AFRICA – Guinness Ghana Breweries has commissioned a solar photovoltaic system on the roof of its brewery in Accra, shifting to use of clean energy in its operations. The 1,095 kWp solar power plant was installed by CrossBoundary Energy, renewable energy expert in the region, reports Afrik21. The solar plant will provide up to 19% of the electricity consumed by the subsidiary of the British Diageo Group, supply 1,500 MWh per year, while avoiding 10,000 tonnes of CO2 emissions. CrossBoundary Energy has signed a power purchase agreement (PPA) with…

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Molson Coors revenues fall 9.7% as pandemic restriction hurt sales in key markets

US – US multinational brewing and drink company Molson Coors has recorded a 9.7% decline in first-quarter net sales as on-premise restrictions in key markets hurt sales even as the company “makes progress” against its revitalisation plan. The maker of Coors beer brand posted net sales of US$1.9 billion in the quarter, compared to US$2.1 billion the same time last year. The company attributed much of the decline to restrictions and closures in the on-premise channel, particularly in the UK and Canada. Revenue decline was primarily driven by volume and…

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Kraft Heinz, Keurig Dr Pepper report strong Q1 results buoyed by extended at home consumption

US – Kraft Heinz and  Keurig Dr Pepper, two of America’s most popular food brands have reported strong Q1 results, as sustained at home consumption amid a pandemic maintained the high demand for their goods that started at the onset of the pandemic. As a result, Kraft reported a 2.5% organic growth for the quarter beating estimates that had projected the company to record flat-to-positive organic net sales growth “Our first quarter was better than expected, with our team delivering strong results on top of exceptional growth last year,” said…

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Tanzania Breweries full year profit plummet by 41% impacted by decline in revenue, heightened expenses

TANZANIA – Tanzania Breweries Limited (TBL), a subsidiary of AB InBev has announced that its full-year profit for the year ended December dropped by 41%, impacted by the COVID-19 pandemic. The brewer’s net profit declined to Tsh. 89.08 billion (US$38.4m) from Tsh. 150.21 billion (US$64.7m) attained in the corresponding period in 2019. According to the maker of Castle Lager, its revenue slightly dropped by 6.2% to Tsh. 961.88 billion (US$414.7m) from Tsh. 1.025 trillion (US$442m). The decline is attributed to slowed down business as on-trade outlets registered reduced foothold due…

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Unilever records 5.7% sales growth in Q1, announces US$3.6bn share buyback program

UK – Consumer packaged goods giant Unilever has reported a 5.7% growth in sales for the quarter ending March 31st as strong performance in emerging markets offset declines in Europe, where volumes were impacted by lockdowns. Emerging markets grew 9.4% driven by strong double-digit growth in China and India, following strict lock-downs in the prior year. Latin America grew high-single digit while South East Asia declined, driven by Indonesia. Developed markets, on the other hand, grew 0.8%, with mid-single digit growth in North America offset by a decline in Europe.…

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Mondelēz posts 7.9% revenue growth in Q1 as Carlsberg celebrates a “good start to the year”

US – American multinational snack and food company Mondelēz International has reported 7.9% growth in first-quarter net revenue to US$7.24 billion, driven by organic net revenue growth of 3.8%, favourable currency and the impact of its acquisitions of Give & Go and Hu. The owner of Oreo and Cadbury snack brands says that part of the of the growth could also be attributed to the strong growth it experienced in emerging markets. Following a 0.5% decline in 2020, Mondelēz’s Asia, Middle East and Africa business delivered 16.2% growth in net…

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United Breweries Q4 profits rise as Britannia’s quarterly fortunes plunge 7%

INDIA –  United Breweries, one of the leading beer makers in India, has reported a consolidated net profit of Rs 97.53 crore (about US$13 million) in the fourth quarter ended March 31, riding on good volume growth in markets across the country. This is an over two-fold jump compared to the company’s net profit of Rs 41.82 crore (aboutUS$5.6 million) achieved during the same period last year, United Breweries Ltd (UBL) said in a regulatory filing. Consolidated total income from operations stood at Rs 3,629.75 crore (about US$487.2 million) as…

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SA retailer Pick n Pay reports 21.4% decline in annual earnings weighed down trade restrictions

SOUTH AFRICA – South African retail chain, Pick n Pay reported an increase in group turnover by 4.3% to R93.1 billion (US$6.5 billion) for the full year ended February 2021, compared to R89.3 billion (US$6.2 billion) attained in the previous corresponding period. The gains were however offset by trading restrictions on non-essential goods and services for parts of the year, which resulted in an estimated R4 billion (US$279.5 million) in lost sales, and R200 million (US$13.9 million) in additional costs related to the group’s operational response to the Covid-19 pandemic.…

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Danone impacted by pandemic in Q1 as Coca-Cola sees slight recovery

FRANCE – French dairy giant Danone and US beverage company Coca Cola have released their Q1 results, reporting mixing results as the pandemic continues to impact business operations across the globe. For the French dairy, sales declined 3.3% on a like-for-like (LFL) basis to €5.66 billion (about US$6.80 billion), affected largely by a 7.7% drop in its Specialized Nutrition unit and an 11.6% decline in water sales. Its noteworthy to mention that the company’s Essential Dairy and Plant-based (EDP) division managed to record a 1.5% LFL growth in sales to…

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