Wine volume improved by 30%
Spirits and Ready to Drink (RTD) volumes grew by 23% and 12% respectively
Revenue increased by 57%
Harare – ZSE-listed wine and spirit manufacturer, African Distillers Limited (Afdis) recorded an 18% volume growth for the first quarter ended 30 June 2022 benefitting from improved product supply into the market and increased outdoor activities as the COVID-19 restrictions were relaxed.
In a trading update, the Company said wine volume for the quarter grew by 30% compared to the same period last year mainly driven by 4th Street wine due to improved availability and affordability following the commissioning of the brand’s local production.
The Company’s Spirits and Ready to Drink (RTD) volumes grew by 23% and 12% respectively due to strong demand and increased market penetration.
As a result of improved demand and inflation-related adjustments, revenue for the period under review surged by 57% compared to the same period in the prior year.
Meanwhile, African Distillers continue leveraging on foreign currency generated from trading to ensure a continuous supply of imported inputs.
The Company said the operating environment is set to remain challenging, with inflation and power shortages impacting business.
African Distillers highlighted that its management continues implementing various initiatives on revenue and profitability.
“Product innovation, market share protection and cost containment will enhance shareholder value,” the Company said.
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