Bralirwa: 2021 Full Year Financial Highlights

2021 Financial statements

Revenue was 123.5 billion; 15.4% higher than last year, mainly due to volume growth for both beer and soft drinks and better mix from growth of premium products.

A continued focus on cost saving coupled with operational efficiencies resulted in an improved Gross Profit (GP) which increased by 19.5%.

Operating result increased by 57.4% to Rwf 31.2 billion (2020: Rwf 19.8 billion) mainly due to operational efficiencies and revenue increase. Profit and total comprehensive income increased by 94.6% to Rwf 17.5 billion (2020: Rwf 9 billion), due to the reasons above. This resulted in better earnings per share of Rwf 17.03 (2020: Rwf 8.75).

The above impacted the 2021 Statement of Financial Position and Comprehensive Income as follows:

1.Net debt decreased significantly by 49.8% Rwf 21.3 billion (2020: Rwf 42.6 billion), due to the reduction of overdrafts and enforcement in cash collection.

2.Total payables increased by 12.3% to Rwf 36.9 billion in 2021 (2020: Rwf 32.9 billion) mainly due to higher payables to related parties. 

3.Revenue increased by 15.4% to Rwf 123.5 billion in 2021, mainly due to volume growth for both beer and soft drinks and better mix from growth of premium products.

4.Increased cost of sales by 12.6% to Rwf 72.4 billion in 2021 (2020: Rwf 64.3 billion) mainly driven by the volume impact and higher input costs.

5.Net finance cost decreased by 18.2% to Rwf 5.5 billion in 2021 (2020: Rwf 6.8 billion), mainly driven by enhanced cash management, further repayment of USD IFC loan and lower interest rate on overdrafts.

As result, net profit and total comprehensive income increased by 94.6% to Rwf 17.5 billion (2020: Rwf 9.0 billion), mainly driven by the top line and savings to mitigate COVID-19 impact. This resulted in a substantial improvement of earnings per share of Rwf 17.03 (2020: Rwf 8.75).

Source: https://bralirwa.co.rw/investors/annual-reports/