NASSAU, BAHAMAS — Commonwealth Brewery reported a 36 percent year-over-year increase in its first-quarter profit at $2.6 million.
The BISX-listed brewer, wholesaler, and retailer in its first quarter report for the period ending March 31 noted that new revenue for the period increased by two percent, compared to the same period of 2023, with growth driven primarily by volume sold.
“Operating expenses landed in line compared to the same period of 2023 despite the volume growth. This was primarily driven by productivity gains and targeted savings throughout the value chain. CBL will continue to implement cost mitigation and other measures to drive balanced, profitable growth,” the brewery noted.
According to Commonwealth Brewery, its net profit for the first quarter of 2024 was $2.6 million compared to $1.9 million for the comparative period of 2023. “This was mainly driven by the ability to control operating expenses whilst growing the top line. Management will continue to execute its Evergreen strategy as we navigate the ongoing market volatility whilst building for the future,” the company stated.
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