NASSAU, BAHAMA — BISX-listed Commonwealth Brewery saw a nearly 16 percent improvement in its gross revenue to $135 million, exceeding the company's previous high-water mark four years ago.

The company's 2018 performance had been the highest since the company went public back in 2011, according to its Chairman Julian Francis.

"The result reflects the Bahamas' underlying economic expansion as well as CBL's ability to maintain a commanding position in the beverage sector, which is impressive considering the number of significant participants who have entered the space since 2011," Francis stated in the company's 2022 annual report.

The BISX-listed brewer noted that its 2022 financial year saw the company continue to produce substantial revenue growth, driven by a rebound of the tourism sector and the return of on-premises consumption.

"As a result, CBL's revenue increased by $20 million, or 19 percent, at the end of the year, compared to the previous period. This increase was driven by double-digit growth of our premium beer, malt, and spirits categories, whilst we struggled in wines due to lack of supply.

"Hotels and other on-premises channels grew fastest thanks to the rebound in the tourism sector, whilst we also realized double-digit growth in our retail channel. The underlying product price mix also contributed to revenue growth, through assertive pricing and our premiumization strategy," the company advised. 

Although its total operating expenses increased by $16 million during the year—an increase of 16 percent—this was still less than revenue growth, which improved profitability. 

"CBL was impacted by continued pressure on input cost, driven by the aftermath of the pandemic and overall global inflation. However, the company was able to identify specific cost mitigations and gross savings to offset inflationary pressures and restore profitability," the company stated.

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