Commonwealth Brewery sees $9.4m overall result for 2021 – Eye Witness News

Strong holiday season and rebound in tourism cited as main drivers of continued growth

NASSAU, BAHAMAS – Commonwealth Brewery yesterday announced a $9.4 million overall loss for 2021, which it described as an “impressive turnaround” from the full $5.7 million overall loss for the year. former.

The BISX-listed brewer, in its fourth quarter management statement yesterday, said it continued to see strong 26% growth in net revenue during the fourth quarter of 2021 compared to the same period in 2020 .

“The main drivers of continued growth were a strong holiday season, further easing of COVID-19 restrictions and continued economic recovery, led by a rebound in the tourism sector,” the company reported.

“Emerging trends in retail and offsite channels have demonstrated rapid improvement, driven by a shift in consumer spending towards at-home consumption and small gatherings rather than at events attended by large numbers of people. .

“Operating expenses increased to $27 million (more than 19%) for the period, in line with increased production to reflect higher consumer purchases.”

The company noted that the current disruption in the global supply chain has led to an increase in the cost of goods and production materials.

“In the fourth quarter, CBL continues to show profitability, with net income of $3.3 million compared to net income of $2.6 million for the 2020 comparative period,” the company said.

“Overall, CBL achieved a comprehensive income of $9.4 million for the full year of 2021, which is an impressive turnaround from the total comprehensive loss of $5.7 million in 2020.”

The company noted that the outlook for 2022 remains cautiously optimistic amid the COVID pandemic due to the omicron variant, inflationary pressure and global supply chain constraints.

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