LUSAKA, ZAMBIA (FinX)— Zambian Breweries Plc grew operating profit by 27% to ZMW413.2 million in the first half of 2026, even as profit after tax nearly halved to ZMW106.3 million, weighed down by higher finance costs tied to the brewer’s ongoing de-dollarisation programme and a larger tax charge.
Net revenue for the six months rose 4% to ZMW2.86 billion, while gross profit climbed 31% to ZMW1.54 billion, a performance the company attributed to improved productivity, disciplined cost management and strong commercial execution across its brand portfolio.
Thais Cavinatto, Country Director of Zambian Breweries Plc, said the results reflected the underlying strength of the business. “We are encouraged by the progress achieved in the first half of the year. Growth in revenue, gross profit and operating profit reflects the strength of our brands, our productivity agenda and the discipline with which we are managing the business. While some demand pressures remain, we are focused on building a stronger and more resilient business for the long term,” she said.
The gap between the operating performance and the bottom line came largely from below the operating line. Profit after tax fell from ZMW202.3 million a year earlier, primarily due to higher finance costs and an increased effective tax charge. Net finance costs rose by ZMW51 million following the group’s balance-sheet restructuring and de-dollarisation programme, a move aimed at reducing foreign exchange exposure and strengthening the company’s long-term financial position.
Looking ahead, Zambian Breweries said it remains focused on revenue optimisation, further productivity gains, disciplined capital allocation and strong cash generation. Sustainability remains a strategic priority, with continued investment in local agriculture value chains, water stewardship initiatives, and energy and emissions efficiency programmes.
The company also pointed to the importance of a stable and predictable operating environment in underpinning long-term investment and growth. It said effective enforcement against illicit alcohol and a balanced regulatory framework remain critical to ensuring fair competition, protecting consumers, safeguarding government revenues and supporting the formal beverage sector.
“We remain confident in our outlook for the second half of the year. Our focus remains on delivering sustainable growth, strengthening business fundamentals and creating long-term value for our shareholders and stakeholders. Continued collaboration among industry, government and other stakeholders will be important in maintaining an environment that supports investment, formalisation and broad-based economic growth,” Cavinatto said.
