BRALIRWA Plc delivers a solid performance in 2010 with net profit growing by + 62.8%


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Freddy Nyangezi

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Kigali, 16 May 2011 – Bralirwa Plc today announced:

  • Net profit growth of 62.8% to Frw 10.3 billion, driven by robust operating profit  growth, lower interest expense and lower income tax expense;  
  • EBIT growth of +49.2% driven by a strong volume performance, higher pricing and effective cost management;
  • Revenue growth accelerated during 2010, increasing by 16.1%, supported by higher volumes and increased pricing;
  • Volume growth of +12.5% driven by strong growth of the Primus and Mützig beer brands and higher soft drink sales;
  • Strong free operating cash flow generation of Frw 9.5 billion,  driven by a significant increase in profitability and working capital improvements;
  • Proposed total dividend of Frw 10,330,542,575 that is 20.09 per share for 2010 (2009: Frw 12.34). The proposed dividend represents 100% of the reported Net Profit 2010;
  • Total taxes payment to Government of Rwanda up to Frw 45.2 billion from Frw 36,4 billion in 2009
Key figures
(In "000 hl and FRW millions)
FY 2010FY 2009Change in %
Volume 1,365 1,213 12.5%
Gross Revenue 80,672 71,355 13.1%
Revenue 52,799 45,478 16.1%
EBIT 14,530 9,738 49.2%
Net Profit 10,331 6,347 62.8%
EBITDA 17,540 12,365 41.9%
Free Operating Cash Flow 9,518 8,774 8.5%
Net debt/EBITDA 0% 2% -94.4%
EPS ( earning per share) 20.09 12.34 62.8%

CEO Statement

Sven-Erik Piederiet, Bralirwa Plc CEO commented:

“BRALIRWA delivered a strong performance in 2010 generating net profit growth of 62.8%. Over the period 2007-2010, the company has achieved compounded average growth in Net Profit of 56% demonstrating the successful implementation of strategic initiatives aimed at strengthening BRALIRWA’s financial position.
The strong EBIT performance in 2010 reflects strong top line growth and effective cost management, supported by a favorable economic backdrop and the consistent implementation of constructive government policies. I am particularly pleased that despite the entrance of a local competitor and increased competition from EAC products, the success of our marketplace initiatives enabled us to maintain market share.
In addition, the positive impact of our successful celebration of BRALIRWA’s and Primus’ 50th anniversary in 2009, and our new partnership with the National Football League have further strengthened our main brand, Primus. The successful Mützig Gold promotion in 2010 and our strong sales execution confirmed our leading position and strong commitment to further contribute to the development of the Rwandan beverage market.
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.
BRALIRWA’s Initial Public Offer was completed supporting the Government of Rwanda’s initiative to develop an active capital market and in line with the Government’s privatization program. The IPO was a success and we look forward to a new chapter in the company's history. We are proud to be the first Rwandan company listed on the Rwanda Stock Exchange.
We have defined clear priorities to support our future growth ambitions. I am confident that BRALIRWA remains well positioned to capitalize on the attractive growth opportunities in Rwanda in the years ahead.”

Total dividend for 2010

The Board of Directors recommends to the shareholders the declaration of Frw 10,330,542,575 (ten billion, three hundred thirty million, five hundred forty two thousand, five hundred and seventy five Rwandan franc) that is 20.09 (twenty franc and 9 cent) per share for 2010 on an enlarged number of shares outstanding (total dividend 2009: Frw 12.34 per comparable share).
The proposed dividend to be declared of Frw 10,330,542,575 (ten billion, three hundred thirty million, five hundred forty two thousand, five hundred and seventy five Rwandan franc) represents the total Bralirwa Plc 2010 Net Profit. If approved, a final dividend of Frw 7,330,542,575 (seven billion, three hundred thirty million, five hundred forty two thousands, five hundred and seventy five Rwandan franc) corresponding to Frw 14.26 (fourteen Rwandan franc and twenty six cent) per share will be paid on July 21 2011, as an interim dividend of Frw 3,000,000,000 (three billion Rwandan franc) corresponding to Frw 5.83 ( five rwandan franc and eighty three cent) per share  was paid on November 12 2010. The payment will be subject to a withholding tax. The ex-final dividend date for Bralirwa Plc shares will be June 13, 2011. The book close date for Bralirwa Plc shares will be June 21, 2011, meaning that the final dividend will be paid to all shareholders whose names appear in the Register of Shareholders at the close of business on June 21, 2011. 

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


Net realized sales proceeds after deduction of excise duties

Gross revenue
Revenue including 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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