The country's largest brewery saw a 5.8 percent rise in revenue for the third quarter compared to the previous year, continuing a general improvement in sales throughout 2012.
Commonwealth Brewery Limited (CBB) is reporting a year-to-date revenue spike of 6.8 percent for the nine months ending September 30.
Nico Pinotsis, president and managing director at CBB, said the firm is posting "expected" numbers following the huge growth it experienced in the first quarter of this year.
"We don't expect that to continue for the rest of the year. What we had in the third quarter is all according to plan," he told Guardian Business.
CBB's operating expenses rose in the third quarter by 2.6 percent. This segment has increased 3.3 percent for the year, mostly due to the rising cost of raw materials. Net income for the brewery amounted to $14.4 million for the first nine months of this year, representing a $2.7 million increase. CBB is now paying a $0.09 higher earnings per share.
The BISX-listed firm is coming off a successful marketing and promotional campaign for "Skyfall", the new James Bond movie. Heineken served as a major global sponsor for the franchise.
Here in Nassau, CBB hosted a VIP event last week to kick off the film. Pinotsis said James Bond will continue to feature strongly in the brewery's retail elements going forward.
"We are certainly considering the link of James Bond with The Bahamas. It is something we wanted to exploit more than in the past," he explained. "In general, we are trying to update the shops and retail experience, which is taking a bit more time than anticipated."
The president of CBB noted that a major retail outlet is likely destined for the U.S. and International Arrivals terminal at Lynden Pindling International Airport. There is a temporary shop there already, he said, and there is "no reason why" a large outlet won't find its way to the new terminal.
The brewery reported minimal impact to the business from the passage of Hurricane Sandy last month.
The main impact came from the lack of cruise ships and flights into the country over the course of several days. A number of flights in the U.S. were also canceled as the storm passed on, further affecting traffic in the airport.
According to its financial statement, net cash from operating activities was in line with 2011. CBB's working capital increased due to higher business activity and seasonal fluctuation in accounts payable.
"Accounts payable and accrued expenses were reduced from $13.8 million to $9.9 million. Cash and cash equivalents at September 30, 2012 amounted to $12 million. The company paid in May 2012 $9.9 million final dividend related to the year 2011," the report noted.
Going forward, CBB will continue to aggressively sponsor local events while improving its retail outlets. Pinotsis anticipates that some kind of partnership will be formed with the upcoming Bahamas Speed Week.
CBB remains the undisputed leader in alcoholic beverages, although Bahamian Brewery & Beverage Company continues to cut into this market share.
The latter is targeting a marketing campaign focused on Bahamian pride.
Located in Freeport, the brewery is completely owned and operated by locals. Jimmy Sands, head of the brewery, is also seeking to bolster its retail offerings, most recently through the construction of a new facility on Nassau Street in New Providence.
Heineken, the global beer company, is the majority owner of CBB.

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