NBL Financial results for the six months ended 31 December 2018

NBL financial results 2018


  • Revenue N$ 1.6 billion, up by 13.8%
  • Operating profit N$ 371 million, up by 7.6%
  • Profit after tax N$ 367 million, up by 52.7%
  • Earnings per share 177.6 cents, up by 52.7%
  • Headline earnings per share 177.8 cents, up by 52.8%
  • Final dividend per ordinary share 50 cents, up by 8.7%

Business performance

Namibia Breweries Limited (NBL) – a subsidiary of the Ohlthaver & List (O&L) Group – maintained its strong market position despite persistent economic challenges and the effect on consumer’s disposable income. For the half year ended 31 December 2018, Namibian volumes were in line with prior year and export volumes decreased by 35.1% whereas volumes produced for South Africa increased by 51.2%. Overall volumes increased by 11.8% with revenue increasing by 13.8%. Operating profit was 7.6% higher than the comparative period due to cost savings and improved efficiencies included the negotiation of reduced transport fees and the implementation of an electronic management system. The NBL Board declared a final dividend of 50c on 25 February 2019, which represents an increase of 8.7% from the previous period.

NBL Finance Director (FD), Graeme Mouton: “Our half-year performance is testimony to NBL’s resilience and ability to adapt to changes within our operating environment and to our long-term business strategy as defined by the O&L 2019 Breakthrough Plan. It is also the direct result of our employees taking ownership of challenges and creating opportunities to bring our purpose to life. Without this, NBL would have delivered a very different result.”


Tafel Radler (a fusion) is the first offering for the brand in the flavoured, low alcohol segment and was launched in September 2018. Consumer uptake exceeded all expectations, requiring special arrangements for additional packaging to meet demand.

The McKane range of premium mixers was expanded to include cranberry, grapefruit and ginger ale options.

As a result of limited pack size options Vigo and Code were not able to achieve sustainable volumes and thus the soft drinks portfolio was trimmed with both brands being discontinued.


Windhoek Draught received a bronze medal at the annual 2018 European Beer Star Award in the category for European-style mild lager. This is one of the most challenging competitions worldwide as beers are evaluated purely on sensory criteria. A total of 2 344 beers from 51 countries entered the competition.

Financial performance

NBL Finance Director, Graeme Mouton: “Despite a challenging trading environment, NBL managed to increase its overall volumes by 11.8% and its operating profit by 7.6%. Profit attributable to shareholders of N$367 million was delivered for the six months ended 31 December 2018 – an increase of 52.8% on the prior year. This increase in mainly attributable to exceptional performance of Heineken South Africa for this period.”


Mouton concluded: “The consumer shift towards flavoured and low alcohol beverages continues, with a commensurate increase in demand for products such as Tafel Radler. This trend is expected to continue.

Vision 2025 and the strategic cycle is in development. The Group will continue to focus on expanding its product portfolio, which includes the craft beer, soft drinks and non-alcoholic beverages portfolios that appeal to a wider consumer base in Namibia, South Africa and beyond.

The Group expects to maintain the solid performance in Namibia despite the challenging operating environment. We will continue to invest in Namibia and support local investment through local procurement. “

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