In the second quarter of 2023 (2Q23), South African Breweries (SAB) delivered double-digit top-line growth with revenue per hl growth of more than 10%, driven by pricing actions and other revenue management initiatives. Volumes grew by high-single digits, ahead of the industry according to our estimates, driven by strong consumer demand for SAB brands and supported by a favourable comparable due to production constraints in 2Q22. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was flattish as the top-line growth was offset primarily by anticipated commodity cost headwinds.
In the first half of 2023 the local brewery’s revenue grew by low-teens with high-single digit revenue per hl growth and a mid-single digit increase in volume.
Commenting on local performance, CEO at the SAB, Richard Rivett-Carnac said, “
“We continue to see strong consumer demand for our portfolio, gaining share of beer and total alcohol according to our estimates. Carling Black Label is the number one beer brand in the country and led our performance this quarter with high-teens volume growth. Our global brands grew volumes by more than 50%, driven by Corona.”