Distell is looking to Africa to double its revenue and profit
The liquor giant is encouraged by growth in 12 of its 15 largest brands
Liquor giant Distell, controlled by investment group Remgro, is still pursuing an ambitious target of doubling revenue and profit in five years, At the release of interim results on Friday, Distell CEO Richard Rushton said much of the growth impetus at top and bottom line would come from endeavours in African markets. Rushton was particularly pleased with the showing of Best Global Brands (BGB) — which operates in Angola and Nigeria — and posted sales volume and profits that were above expectations. Distell last year acquired a 26% stake in BGB for $54.6m and has an option to acquire the remaining 74% interest. Distell’s share of BGB’s profits was about R42m. Rushton said BGB’s Angolan operations were set to reach 33-million litres at year end and Nigeria another 10-million litres, with expansion plans into Kenya, Zambia and Mozambique on the cards. Distell financial director Lucas Verwey reckoned that if Distell acquired the remaining tranche of shares in BGB the company had the po...
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