TBL | Rain check
Tanzania Breweries Limited (TBL) faced a challenging year, with heavy rains and distribution complications, disrupting the Group's ability to roll out its affordability strategy. Due to the various disruptions, Group revenue declined 3% y/y on a 12-month equivalent basis. Operating profit declined 11% y/y over the same period due to increased COGS. Despite a disappointing set of results, we believe TBL is poised for growth. The Group's affordability drive will unlock double digit volume growth in our view, growing earnings at a CAGR of 26% over the next three years.
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