Rwanda’s brewer, Bralirwa, has posted a marginal 2.41 per cent drop in profit after-tax with very little growth in revenues following slow sales in the first six months of this year.

The brewer, which is listed on the Rwanda Stock Exchange (RSE), on Wednesday reported net profits of Rwf7.74 billion ($12 million) for the period ended June 2013 compared to Rwf7.93 billion posted for the period ended June 2012.

Revenues grew by only 2.56 per cent to Rwf37.7 billion ($57.8 million) in the first six months of the year compared to Rwf36.08 billion ($58.9 million) similar period last year following a 0.6 per cent drop in the volume of beverages sold.

“In response to the slowing beverage market, the launch in July 2013 of the new 50cl Primus at a recommended consumer price of Rwf500 ($0.77) maintains brand affordability which is key to our consumers,” said Bralirwa in a statement that accompanied the results.

Its stock at the RSE last traded at Rwf890 ($1.37), a price that is more than two and a half times its opening price of Rwf330 ($0.523) on the first day of trading this year.

At the end of last year, the brewer cut its dividend payout for the period ended December by 17.4 per cent so that it can shore up cash needed for ongoing expansion projects its brewery and soft drinks plants and did not declare an interim dividend for the period ended June 2013.

READ: Bralirwa cuts dividend to invest in raw material

“In the second half of 2013, Bralirwa anticipates modest volume growth. Despite continued uncertainty globally, the Rwanda beverage market context is expected to remain broadly positive and supportive,” said the brewer.

Bralirwa said that the investment programme in capacity upgrade and expansion will continue helping it to make sure it is able to meet growing consumer demand.