Strong festive season and tourism rebound cited as key drivers for continued growth
NASSAU, BAHAMAS — Commonwealth Brewery yesterday reported a comprehensive income of $9.4 million for 2021, which it described as an “impressive turnaround” compared to the the total comprehensive loss of $5.7 million the year prior.
The BISX-listed brewer, in its fourth quarter management statement yesterday, said it continued to experience strong growth of 26 percent in net revenue during the fourth quarter of 2021 compared to the same period in 2020.
“Key drivers for the continued growth were a strong festive season, further easing of COVID-19-related restrictions and continued economic recovery, led by a rebound of the tourism sector,” the company reported.
“New trends in retail and off-premises channels have demonstrated rapid improvement, driven by a shift in consumer spending to home and small gathering consumption rather than at events attended in large numbers.
“Operating expenses increased to $27million (plus-19 percent) for the period, in line with the increase in production to mirror the rise in consumer purchases.”
The company noted that the current disruption of the global supply chain has resulted in increases in the cost of goods and production materials.
“In the fourth quarter, CBL continues to show profitability, with a net profit of $3.3 million compared to the net profit of $2.6 million for the comparative period 2020,” the company said.
“Overall, CBL realized a comprehensive income of $9.4 million for the full year of 2021, which is an impressive turnaround versus the total comprehensive loss of $5.7 million in 2020.”
The company noted that the outlook for 2022 remains cautiously optimistic amidst the COVID pandemic due to the omicron variant, inflationary pressure and global supply chain constraints.
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