Bralirwa Plc delivers a strong performance in 2012 with earnings growing by +29.8%

Bralirwa unveils 2012 Report
Left to Right: Jonathan HALL, Managing Director & Philip Ejiofor, Financial Director

Kigali, 10th May 2013 – Bralirwa Plc today announced:

Top-line: Revenue grew by 18.5%, supported by a combination of volume growth, brand mix and pricing and improved sales execution in a competitive market;

Volume: volume growth of +4.6% driven by strong growth of all beers and soft drink brands. Strong beer volume growth is mainly driven by Mützig, Turbo King and Heineken® beer brands;

EBIT: organic EBIT growth of +25.2% driven by higher revenue and effective cost management partly offset by increased input costs;

Total Comprehensive Income for the year (Net profit): Total Comprehensive Income for the year grew 29.8 % to Rwf 19.027 billion, driven by robust results from operating activities partly offset by higher interest expenses;

Cash flow: strong free operating cash flow generation of over Rwf 9.35 billion, driven by a significant increase in profitability and working capital improvements despite increased investments;

Dividend:Proposed dividend of Rwf 20.00 per share, representing a decrease of -17.4% compared with 2011 (Rwf 24.20);

Taxes: Total taxes payment to Government of Rwanda up to Rwf 60.83 billion from Rwf 53.3 billion in 2011

Net Debts: Total Bank loan of Rwf 3.0 billion in 2012 was a 5-year term loan utilized to finance our capital expenditure programmes.

Key figures
(in thousand HL or Rwf million unless stated otherwise)
FY 2012FY 2011Change in %
Volume 1,660 1,587 4.6%
Gross Revenue 114,934 98,348 16.9%
Revenue 76,979 64,958 18.5%
Results from Operating Activities 25,266 20,178 25.5%
Profit Before Income Tax 24,861 20,005 24.3%
Taxation 5,834 5,347 9.1%
Profit and Total Comprehensive Income for the Year 19,027 14,658 29.8%
Net Debt 3,000 - n/a
EBITDA 29,733 23,855 24.6%
Free Operating Cash Flow 9,350 11,111 -15.8%
Earning per share (EPS) 37.00 28.50 29.8%
Dividend per Share 20.00 24.20 -17.4%


(Please refer to the Glossary for definitions in the appendix)

Jonathan Hall, Vice Chairman of the Board of Directors of Bralirwa Plc and Managing Director commented in Kigali to-day, 10th May, 2013.


2012 has been another strong and successful year for Bralirwa. Our results show continued robust financial growth built upon increased sales volumes of both beer and soft drinks.

Notwithstanding continued difficulties in the global economy, the Rwandan economy maintained its positive trend in 2012 with GDP growing by a reported 8%. This was reflected by further volume growth in the beer market andsoft drink market.

Bralirwa Plc’s volume grew in 2012 to achieve a record 1.66 million hls, an increase of 4.6% against 2011.

The financial performance reflected this growth in the market,

  • Revenue increased by 18.5%to RWf76.98 billion.
  • EBIT increased by 25.2% toRwf 25.26 billion.
  • Net profit increased by 29.8% to Rwf 17.4 billion.


Underpinning this performance has been Bralirwa Plc’s portfolio of brands.

  • Turbo King has been established in a short time as Rwanda’s number three beer brand behind our Mutzig and Primus.
  • In the International Premium, segment our Heineken volumes doubled.
  • In soft drinks the appeal of our Coca Cola brands continues to drive sales growth.

We continue to invest to build strong brands with strong consumer connections.
Our brand activities bring enjoyment and entertainment to tens of thousands of Rwandans every day to satisfy their thirst for life.

Bralirwa’s most prominent activity, the nationwide musical talent event Primus GumaGuma Super Stars, in only its second season was an outstanding success. It was able to attract literally hundreds of thousands of fans in total, pulling in as many as twenty five thousand to attend the local venues and being watched by many thousand households on television.

Through this Primus sponsored activity, Rwanda’s music talent now has a platform to realize their potential to become accomplished artists capable to perform at international levels.

Primus’ sponsorship of the National Football League took the League to a new level. Such large scale brand sponsorship and activation is crucial for the development of Soccer in Rwanda. Bralirwa Plc is proud to make this contribution to the National Football League’s development which is key to elevating the status and standard of soccer in Rwanda.


In 2012 export sales witnessed a 45% increase. Export amounts to 5.7% of Bralirwa Plc’stotal sales. Profitable export growth will continue to be an area of attention.

Investment Programme

We announced last year an investment programme to extend both the brewery and the soft drinks plant. This programmehas proceeded according to plan with capacity increases at both sites. A second phase of investment is planned in the current year to include expansion and environmental investment.

This investment programmeequips our Company to address the evolving needs of our competitivefuture through the addition of capacity required to satisfy increasedconsumer demand in both home and export markets.

Local Sourcing

The development of our joint venture in the Bramin Irrigated Maize Farm to locally source maize for some of our beer brands has progressed well. Five centre- mounted pivot irrigation systems each of 52 hectares and supporting infrastructure are now installed. Sowing of the first crops have commenced with harvest expected from September.


We have been able to deliver this strong financial performance in a competitive market thanks to our continuous focus on total quality, cost management and investment in our assets, brands, people and trade partners. In the year ahead we will continue to focus on these key areas to ensure that we maintain and build upon our leading market position.
A special word of recognition and thanks to those that have made all this possible; ourBralirwa employees. Our people remain at the heart of our business and we will continue to invest in them to realize their full potential and to provide the energy and talent to drive our business forward.

Outlook for 2013

Our continuing investments provide a firm base upon which to build for our future. Uncertainties persist in the global economy. The outlook for sub Saharan Africa remains positive. We anticipate that the Rwandan economy will continue to show growth in 2013 so again providing the context for our own development.

Dividend for 2012

The Board of Bralirwa Plc is recommending for approval at the third Annual General Meeting of shareholders on 13th June the payment of a cash dividend in respect of 2012 of Rwf20.00 (twenty Rwanda Francs).

This proposed dividend if approved will be paid on 2nd July,2013.
This dividend is 17.4% below 2011 and reflects the cash demands within the business relating to the substantial investment programme described above.

The payment will be subject to a withholding tax. The book close date for Bralirwa Plc shares will be 20 May 2013, 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 23 May 2013.

Investor Calendar Bralirwa Plc

Annual meeting of shareholders 13 June 2013
Half Year 2013 Results 14 August 2013


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 brand has 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 a subsidiary 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.

Some of Bralirwa's Managers


Contacts for Media

Freddy Nyangezi

Corporate Affairs Manager
P.O. Box 131, Kigali, RWANDA
mobile: +250 78830 23 04
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