NASSAU, BAHAMAS – Commonwealth Brewery Ltd. (CBL) reported a nearly 5 percent decline in revenue for the third quarter of 2024, primarily driven by a slowdown in demand within the hotel tourism sector compared to the previous year.
In its third-quarter report, the BISX-listed brewer noted a 4.8 percent drop in revenue compared to the same period in 2023, resulting in a year-to-date revenue decline of 2.9 percent. CBL attributed the downturn to a return to pre-COVID demand levels in the tourism sector, following the peak seen in 2023.
To mitigate the impact of this contraction, CBL has implemented measures to support both consumers and customers, including competitive pricing strategies and a cost-saving agenda focused on product management, commercial efficiency, and reducing fixed costs.
“This strategy led to a 3.5 percent reduction in operating expenses for the quarter and a 2 percent improvement year-to-date,” the company stated, adding that it continues to generate positive cash flow from operations, totaling $13 million during the first nine months of the year.
“Overall, our financial performance for the nine months ended September 30, 2024, reflects our ability to adapt to market conditions and maintain profitability through effective cost management and a strategic focus on our product offerings,” the company concluded.
