African Distillers Limited Reports 156% Revenue Increase and 311% Operating Income Growth

Published On: November 13, 2023Company: African Distillers Limited (
What was the main contributor to the company's increased revenue and operating income?
The increased revenue and operating income were mainly due to higher volume sales, favourable sales mix, and replacement cost-based pricing, coupled with volume growth and strict cost containment measures.


  • The operating environment was challenging due to an unstable exchange rate and high inflation, especially in the first quarter. However, the second quarter saw relative price stability and tight ZW$ liquidity.
  • Despite these challenges, the company recorded an 11% growth in volume benefitting from good product availability across key brands, intensified product distribution, and brand innovation.
  • The Spirits category saw an 8% growth while the Wine volume grew by 7%. The Ready to Drink segment registered a 14% growth despite competition.
  • Inflation-adjusted income saw a remarkable increase with revenue jumping by 156% to ZW$ 134 billion and operating income increasing by 311% to ZW$ 28.3 billion.
  • The company welcomes efforts to stabilise the economy and management will focus on product innovation, production efficiencies and cost control to maintain profitability.
  • The board has recommended an interim dividend of US$ 0.0030 per share, amounting to US$ 355,882.

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About African Distillers Limited (

African Distillers Limited founded in 1944 is a Zimbabwean company in the beverages sector. It is the sole manufacturer and distributor of traditional, flavored, and blended spirits. African Distillers Limited is listed on the Zimbabwe Stock Exchange and is known for its diverse range of product offerings and high-quality manufacturing processes. The Company has six depots in Bulawayo, Harare, Kwekwe, Masvingo, Mutare and Victoria Falls.

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