Commonwealth Brewery Limited (CBL), the industry’s leader in beer, wine and spirits distribution, served up optimism for 2017 despite a challenging economic situation for shareholders at the company’s 6th annual general meeting (AGM) June 20, reporting $117.8 million in revenue, $81.1 million in total assets, and a total comprehensive income result of $17.1 million; an increase of more than 45% in 2016 to 2015.
More than 100 shareholders attended the AGM, re-electing members of the board including Julian Francis, who has served as Chairman since the company went public in 2011, CEO and Managing Director Hans Neven, Eugene Ubalijoro, Ed Fields, Dennis Hanna, Guido De Boer and Patricia Hermanns.
The devastation from Hurricane Matthew resulted in an interruption in business. CBL reported major damages at the 150,000 square-foot brewery located Clifton Pier as well as two retail stores in Grand Bahama and Abaco.
“Total damage and business interruption costs amounted to more than $10M,” stated Mr. Neven, who also praised employees who assisted in restoration of the brewery.
“I wish to thank them again publicly and let them know that we were beyond impressed, we were moved by their dedication”. CBL also donated over $250,000 to its employees to assist with their individual recoveries following the hurricane.
In 2016 the number of retail stores increased to 57 stores nationwide. The new unifying brand and logo was also introduced, 700 Wines & Spirits.
The Todhunter-Mitchel local rums, Ricardo and Ole Nassau, were also rebranded in 2016. The Heineken 16oz can and Kalik Light Platinum were launched in 2016 as well with resounding success. Similarly, Coors Light has seen phenomenal growth.
So far to May 2017 has seen an impressive start with both Retail and Trade benefiting from significant growth. Kalik brands and Heineken have outperformed last year as well.
CBL has also become the official distributor of British American Tobacco (BAT) in the Bahamas.
“While 2016 had its share of challenges, we remain confident that CBL is positioned on the right track for sustainable gains in revenue and profits in 2017 and the coming years,” said Neven.
