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As export sales boost profit, Distell (Savanna, Klippies) eyes Africa expansion
Distell Group says its profit jumped over 14% to R1.44bn in the six months ending 31 December 2020, in the face of the alcohol sales bans during lockdown.
The producers of popular local brands like Savanna and Klipdrift say this is thanks to strong sales in the rest of Africa and international markets.
RELATED: Distell lost more than R4b (R1.5b lost to govt) through alcohol sale bans - CEO
Group CEO Richard Rushton breaks it down on The Money Show.
This has been a very good performance all-round... despite the lockdowns where we had 22% of our trading days effectively banned.
Richard Rushton, Group CEO - Distell
There was a breakout performance from our African business which grew volumes and revenue in the range of 20% on the prior year. And then our international business delivered a really strong performance with revenue growth of just under 15.5%.
Richard Rushton, Group CEO - Distell
This was the result of a lot of efforts... our teams have shown immense resilience and responsiveness notwithstanding the bans and the lockdowns we've had to endure in South Africa.
Richard Rushton, Group CEO - Distell
Two years ago Distell was servicing around 9,000 outlets in Africa, excluding SA.
Today, the number of customers stands at 57,000.
We think there are about a quarter of a million customers out there that we should be calling on going forward, given our portfolio of wine, spirits and ready-to drink ciders.
Richard Rushton, Group CEO - Distell
There is risk on the continent but, nonetheless, we're very optimistic about the prospect.
Richard Rushton, Group CEO - Distell
He adds that Distell does rely on its South African home base for exports, for the moment at least.
Rushton also responds to the news of the 8% excise tax hike on alcohol announced in the 2021 Budget.
The increase was much steeper than any of us anticipated. It came off the back of what we thought was a pretty productive conversation with Treasury around the size of the excise burden already on all three categories - beer, spirits and wine.
Richard Rushton, Group CEO - Distell
Nonetheless we're a business that plays across categories... so we're pretty well positioned to deal with whatever excise tax increases are thrown our way.
Richard Rushton, Group CEO - Distell
For more from the Distell CEO, take a listen:
This article first appeared on CapeTalk : As export sales boost profit, Distell (Savanna, Klippies) eyes Africa expansion
Copyright : https://www.123rf.com/license.php#standardSource : https://www.123rf.com/photo_87295373_hands-clinging-alcohol-drink-glasses.html
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