Carib Brewery Reports Five Million Dollars In Profit For 2008

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Carib…The Beer of The Caribbean

Basseterre, St. Kitts – Nevis
Septemeber 01, 2009 (CUOPM)

Carib Brewery (St. Kitts & Nevis) Limited is reporting a pretax profit of just over EC$5.3 million in 2008, compared to EC$5.8 million in 2007.

According to the Annual Report released at the company’s 49th Annual General Meeting, sales in 2008 increased by 5.6 percent to EC$32 million compared to EC$30.3 million in 2007.

“2008 has been a very good year for Carib Brewery (St. Kitts and Nevis) Limited as we continued to extend the boundaries of our markets. Thou sales in the local market was not as vibrant as in the past years, Carib Brewery (St. Kitts and Nevis) Limited was still able to maintain its dominant position in the local market with our flagship lager, Carib Beer, and was successful in strengthening sales with its leading export, Mackeson, to overseas markets including Barbados,” said Chairman Andrew N. Sabga.

He said from an operational standpoint costs were impacted by increases in raw material and fuel prices which went up by 25 percent and 10 percent respectively. Dividend income declined by approximately 33 percent to EC$360,000,” said the Brewery Chairman.

Carib Brewery (St. Kitts & Nevis) Limited in 2008 continued its vigorous capital expenditure programmes, investment in training and skills development in order to equip the company to meet the global challenges.

He said Carib Brewery continued to upgrade its plant and equipment through purchase of a large refrigeration unit to improve backup and reliability and global decreases in malt and fuel prices will augur well for the overall production costs and concomitant savings.

In 2009 and beyond the Brewery proposes to continue its programme of equipment upgrade to improve operational efficiencies and reduce costs,” said Mr. Sabga in his annual report.

“The Government has supported Carib Brewery (St. Kitts and Nevis) Limited with development incentives for which we are grateful,” said Mr. Sabga who also expressed thanks to the Government, shareholders, distributors and consumers for their continued confidence and support.

He said he looks forward to continued government support of the company’s capital expenditure programme, which will go a long way in equipping the brewery to meet the growing challenge of increased market competitiveness, while generating shareholder value and employee benefits for years to come.

“We remain committed to maintain and expanding market leadership in our existing product categories and are confident that we can achieve our goal of continued growth and an even better year ahead,” said Mr. Sabga.

Carib Brewery (St. Kitts & Nevis) Limited is a major producer of beers, stouts, malts, and other beverages including Carib, Skol, Stag, Guinness, Mackeson, Royal, Giant Malt, Vita Malt, Smalta, Ting, Ginseng Up, Peardrella and Juicy Beverages.

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