NASSAU, BAHAMAS — Commonwealth Brewery says that it saw its operating expenses increase by 16 percent to $27 for its third quarter, which saw the BISX-listed brewer post a $2.2 million net profit growth.
Commonwealth Brewery in its third quarter financials said that it continued to see strong growth in net revenue during the quarter ending September 2022 30, with an 11 percent net revenue growth when compared to the same period of 2021.
“The company’s expectation is that growth will continue for the remainder of the year as the pandemic-related restrictions are more relaxed and the economy recovers, albeit ongoing inflation is challenging full recovery,” the statement read.
“The hotel and on-trade channels have demonstrated rapid improvement driven by increased tourism and acceleration of on-premise consumption with the return of events and nightlife occasions. Going into the fourth quarter of the year, the Company anticipates that with the approach of the festive season there will be a continued growth of revenue.”
The company noted that its operating expenses have increased to $27 million for the quarter, a 16 percent increase which is reflective of the ongoing inflationary pressure.
“CBL is experiencing rising costs associated with raw and packing materials, energy, and logistics closely linked to global supply chain shortages,” the statement continued.
“The Company anticipates that this disruption will result in further increases in cost over the remainder of the year. CBL will continue to implement cost mitigation and other measures to maintain the profit margin.”
It added: “In the third quarter, CBL continues to show profitability with a Net Profit of $2.2 million in comparison to the Net Profit of $2.0M for the comparative period 2021. Overall, CBL realized a comprehensive income of $8,372,280 for the first nine months of 2022. Management will continue to explore options to further mitigate the impact of rising costs on our customers and consumers despite the ever-changing market conditions.”
The company announced last month that challenges with global supply chain disruptions are causing ongoing cost increases for logistics and raw materials used in its locally manufactured products. As a result, the company said it had to increase the cost of all locally manufactured beers as of October 24.