NASSAU, BAHAMAS — Commonwealth Brewery, the BISX-listed Kalik manufacturer, says that it recorded a 20 percent increase in net revenue growth for its first quarter while noting that operating expenses for the period had increased by 14 percent.
The company in its first-quarter results for the three months ended March 31, 2022, continued to note that product shortages and price increases are “inevitable” due to continued supply chain disruptions.
“Commonwealth Brewery continues to show profitability with a net profit of $1.3 million in comparison to the net loss of $0.3 million for the comparative period of 2021,” the company noted.
“Key drivers for continued growth were the further easing of COVID-19 related restrictions and continued economic recovery led by a rebound of the tourism and hotel sector.
The company noted that there were continued disruptions to the global supply chain that led to higher input costs for the company. Operating expenses increased to $24 million- up 14 percent for the period.
“Commonwealth Brewery remains cautiously optimistic as local COVID economic recovery progresses. Management is also closely monitoring its business strategies and taking additional measures to limit the impact of the global supply chain. Still, price increases and out-of-stocks will be inevitable. Commonwealth Brewery will continue to invest in its brands, technology, people, and the community as part of its long-term strategy,” the company said.
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