Diageo East Africa’s Unit Reports Lower Profit for Second Year
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East African Breweries Plc's annual profit dropped for a second year due to higher financing charges and disruptions in its biggest market, Kenya. The company's net revenue increased by 13%, but floods, social unrest, and constrained consumer finances affected demand. Rising interest rates and currency devaluation also contributed to the challenges. The surge in finance costs is expected to continue unless revenues grow significantly. AIB-AXYS Africa set a one-year price target for EABL, which has outperformed the Nairobi Securities Exchange all-share index.
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