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Notes from Africa: TBL, The Food Lab, Bature Brewery, Dairibord, Victory Farms, Thai Union

Here is the latest MYfrom the regular series, Notes from Africa, which brings you the latest retail, consumer goods and food and drink stories from across the African continent. Previous editions can be found here.

Tanzania: TBL reports 68% profit growth in 2021

Tanzania Breweries Limited (TBL), a subsidiary of brewing giant AB InBev, posted an after-tax profit of 149.6 billion shillings ($64.3 million) for its 2021 financial year ending December 2021. This figure represents an increase by 68%, compared to the 38.3 million dollars achieved during the same period last year. This result came as the companies saw their sales climb to $437 million and experienced a significant drop in tax expenses (-47%). TBL holds 75% of the beer market in Tanzania.

Egypt: Food Lab Secures $4.5 Million in Funding

In Egypt, cloud-based cooking services operator The Food Lab raised $4.5 million in a pre-seed funding round to support its expansion in the country and across the MENA region. The company, founded in 2020, provides a range of services including cooking, delivery, recommendations and marketing for restaurants. To date, it has partnered with over 50 local and international brands and served 175,000 customers.

Nigeria: Bature Brewery seeks $2 million for expansion

In Nigeria, local beverage maker Bature Brewery is looking to raise $2 million to fund its expansion into West Africa. The company intends to replicate its success in Nigeria in other countries in the region, where its two brands Black Gold and Lagos Lager are already the fastest growing craft beers in Nigeria. Rising revenue on the continent, coupled with growing consumer preference for new styles and flavors on offer, is expected to continue fueling the growth of craft beer on the continent.

Zimbabwe: Dairibord posts 55% increase in revenue in 2021

Zimbabwean dairy maker Dairibord Holdings reported a 55% increase in annual sales to Z$13.17 billion ($36.4 million). This increase in revenue was driven by a 49% increase in volumes to a five-year high of 94.2 million litres. This performance translated into an increase in operating profit to $2 million. Additionally, the group made an after-tax profit of $168,000, a 149% increase over the previous year, despite a 50% increase in cost of sales. Dairibord’s product portfolio includes ice cream and yoghurt.

Kenya: Victory Farms raises $5 million

In Kenya, the aquaculture company Victory Farms benefited from a $5 million financial package from a group of investors. The company, which produces tilapia, will use the fund to strengthen its operations in the farming chain and expand into Rwanda, DRC and Tanzania. The company, founded in 2016, aims to become one of the most important players in the aquaculture industry on the continent.

Seychelles: Thai Union to invest $10 million in tuna cannery

Seafood giant Thai Union plans to inject an additional $10 million into its Seychelles-based Indian Ocean Tuna (IOT) cannery over the next two years. The factory, the only one of its kind in the country, is one of the largest in the world, with an average production of 1.5 million cans of tuna per day. With this new investment, the company wants to expand its tuna canning capacity and strengthen its presence in the country where it has been present for more than a decade.

© 2022 European supermarket magazine – your source for the latest news from Brand A. Article by Hope Olodo. Click on subscribe register for ESM: European Supermarket Magazine.