Distell’s bet on Africa pays off as half-year profit rises
Owner of Klipdrift, Amarula and Hunter’s Dry brands reports 14.1% rise in half-year profit
Distell Group, the alcoholic beverages producer, said profit rose 14.1% to R1.44bn in the six months to end-December despite reduced trading days in SA due to alcohol bans, thanks to strong sales in the rest of Africa and international markets.
The Stellenbosch-based company, which owns the Klipdrift, Amarula and Hunter’s Dry brands, said headline earnings rose 11.5% to R1.3bn while headline earnings per share climbed 11.6% to 612c, according to a Wednesday stock exchange filing. Normalised headline earnings adjusted for foreign exchange impacts, and excluding non-recurring restructuring costs, increased by 24% to R1.51bn. Earnings per share rose by 16.1% to 639c...