NASSAU, BAHAMAS — Commonwealth Brewery recorded a second-quarter net profit of $4.6 million, a slight decline in comparison to its second-quarter performance for the same period back in 2022.

The BISX-listed brewer in its Q2 financial reported that it continued to experience strong growth in net review during the period ending June 30, 2023—up 11 percent when compared to the same period of 2022.

"Key drivers were the continued economic recovery, the market alignment of excise tax and the ongoing growth of tourism. Revenue growth was delivered through a combination of margin per hectolitre – to offset ongoing inflation – and volume growth in key categories such as beer, malts and spirits," CBL noted.

The company also reported that its operating expenses increased by 11 percent to $57 million for the period, driven primarily by increased production and logistics, selling and marketing, and payroll expenses.

According to CBL, some of those increases reflected the ongoing pressure of inflation.

"In the second quarter, CBL recorded a net profit of $4.6 million which was a slight decline versus the comparative period in 2022 when it saw a net profit of $4.9 million," the company noted.

It added: "This was mainly driven by increased selling and marketing experiences, continued cost pressure on raw and packing materials, personnel expenses and increased finances expenses, mainly related to foreign exchange.

"As a result of this second quarter performance, comprehensive income for the first half of 2023 at $6.5 million was up marginally versus the $6.2 million earned in the comparative periods for 2022."

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