BRALIRWA Plc reports a strong performance for the first half year 2011 with net profit growing by + 40.1%


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Freddy Nyangezi

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Kigali, 21stSeptember 2011 – Bralirwa Plc today announced: :

  • Volume growth of 26.3% driven by strong growth of the Primus and Mützig beer brands and higher soft drink sales  
  • Revenue grew 26.5%, driven mainly by higher volumes;
  • EBIT increased by 33.5% driven by a strong volume performance and effective cost management partly offset by planned higher marketing investments and increased inputs cost;

  • Net profit growth of 40.1 % to Frw 5.4 billion, driven by a solid operating profit growth;

  • Strong free operating cash flow generation of Frw 3.3 billion, driven by a significant increase in profitability and working capital improvements partly offset by increased capital expenditures;

Key figures
(In "000 hl and FRW millions)
FY 20112FY 2010Change in %
Volume 762 603 26.3%
Gross Revenue 44,835 35,647 25.8%
Revenue 29,504 23,317 26.5%
EBIT 8,038 6,020 33.5%
Net Profit 5,462 3,898 40.1%
EBITDA 10,027 7,417 35.2%
Free Operating Cash Flow 3,278 2,515 30.4%
EBIT as % Revenue 27% 26% 5.5%
EBITDA as % Revenue 34% 32% 6.8%
Net debt/EBITDA 0% 5% -99.9%
EPS ( earning per share) 10.62 7.58 40.1%


1 Please refer to the Glossary for definitions in the appendix
2 Consolidated number include the joint venture Bramin


MD Statement

Sven-Erik Piederiet, Vice Chairman of the Board of Directors Bralirwa Plc andManaging Director commented:

“After a net profit growth of +62.8% in 2010, BRALIRWA again delivered a strong performance in the first half of the year generatinga net profit growth of 40.1% compared to 2010. Our continuous focus on perfect sales execution combined with increased marketing investments, further efficiency improvementsin our production processes and a stable and high quality has enabled us to deliver the robust performances.

Bralirwa Plc EBIT performance in 2011 reflects strong top line growth and effective cost management supported by a favorable economic context and the consistent implementation of constructive government policies. I am particularly pleased that our increased investments in our brands have enabled us to maintain our beer market share despite the increased efforts from local and EAC competitors.

Our increased marketing investments are helping us to win with our consumers. The successful Primus GumaGuma Super Star program,our new Mützigcampaign (“Outstanding beer for outstanding people”),ourpartnership with the Primus National Football League, our support to the development of the youth football through the Copa Coca-Colahave helped us to bring enjoyment to our consumers and have further strengthened our brands. Our successful launch of Turbo King Ntoya (33cl) and the new premium bottle of Heineken at a more attractive price confirm our leadership ambition to continuously innovate and exciteour consumers.

BRALIRWA was able to deliver this strong performance thanks to a continuous focus on our core values, the excellence of our people, the strengths of our brands, our distributors and our ambition to continue to lead the market and build profitable future growth.

We will continue to focus on the implementation of our strategic initiatives aimed top line growth acceleration, tight cost management and strong cash generation to support our planned investments and continuous value creation.I am confident that BRALIRWA remains well positioned to capitalize on the attractive growth opportunities in Rwanda in the years ahead.”


2011 Full Year Outlook

In July Bralirwa Plc increased its prices for Primus 72cl and Mützig 65cl to compensate the increased input costs and inflation, while improving its margins.

Bralirwa Plc expects volume growth in the second half of the year to slow down and to be in line with GDP growth. This slow down is due to the price increase and a very strong second half of 2010EBIT growth is expected to be in line with the first half year performance.

Bralirwa Plc will step up its capital expenditures in the remaining of the year and beyond to be able to absorb the increasing market demand.


Bralirwa Plc.

Bralirwa Plc is a Rwandan company producing and selling beers and soft drinks. The Company’s beer brand portfolio includes Primus, Mützig, Guinness, Amstel and Turbo King produced in the Gisenyi brewery and Heineken which is imported from Holland. Primus, the Company’s largest selling beer brandhas been available to consumers since 1959. Since 1974, the Company has been producing and selling soft drink brands under a licensing agreement with The Coca-Cola Company. These include Coca Cola, Fanta Orange, Fanta Citron, Fanta Fiesta, Sprite, Krest Tonic and the Company’s own brand Vital’ O. The Company was founded in 1957 with the construction of a brewery located in Gisenyi. Since 1971, Bralirwa Plc is part of the Heineken Group, which holds 75% of the shares of BRALIRWA with the remaining 25% listed on the Rwanda Stock Exchange.

As a socially responsible company Bralirwa Plc, supports a variety of projects from Education to Health and Environment.


Appendix 1


Gross revenue

Revenue including of excise duties


Net realized sales proceeds after deduction of excise duties


Earnings before interest and taxes and net finance expenses.


Earnings before interest and taxes and net finance expenses before depreciation and amortization.

Net profit

Profit and total comprehensive income for the year (profit attributable to equity holders of the Company).

Free operating cash flow

This represents the total of cash flow from operating activities, and cash flow from operational investing activities.

Earnings per share

Net profit divided by the weighted average number of shares – basic – during the year.

Net debt

Non-current and current interest-bearing loans and borrowings and bank overdrafts less investments held for trading and cash.



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