SABMiller, the world's No2 beer brewer, may have made significant gains in the rest of Africa market, but it has hit the skids in Zimbabwe, where lager beer volumes and revenues have fallen amid biting economic conditions.
Delta Corporation - with Zimbabwe's biggest market capitalisation at more than $1-billion (about R11.85-billion) and which SABMiller partly owns - has not been spared as weaker regional currencies favour imports and money for luxuries such as beer dries up.
Lager beer volumes tumbled 17% to 1.4million hectolitres (sales were 12% lower at $278-million) and sorghum-based Chibuku rose from 3.4million hectolitres to 3.7million hectolitres.
Pearson Gowero, CEO at Delta Corporation, said this week that the premium lager beer segment was holding the fort, but there had been "down trading to value propositions in sorghum beer [and a lager beer brand aimed for the lower end]".
Full-year operating income declined 14% to $111.1-million and earnings per share were 13% lower at 7.44 US cents.
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