The Tribune

Commonwealth Brewery shrugged off more than $10 million in Hurricane Matthew-related damage and business interruption costs to post a 45 per cent year-over-year profits increase for 2016.

The vertically-integrated, BISX-listed brewer foreshadowed an improved 2017 financial performance at its recent annual general meeting (AGM), confirming it had become the Bahamian distributor for British American Tobacco's (BAT) products.

"While 2016 had its share of challenges, we remain confident that Commonwealth Brewery is positioned on the right track for sustainable gains in revenue and profits in 2017 and the coming years," said Hans Neven, its chief executive and managing director.

For the year to May 2017, Commonwealth Brewery said its retail and wholesale trade were benefiting from significant growth. Kalik brands and Heineken both outperformed 2016's results.

The beer, wine and spirits distributor told shareholders at its sixth AGM that revenues for the 12 months to end-December 2016 came in at $117.8 million. Commonwealth Brewery finished the year with $81.1 million in total assets, and total comprehensive income of $17.1 million - an increase of more than 45 per cent over 2015.

More than 100 shareholders attended the AGM, re-electing members of the Board including Julian Francis, who has served as chairman since the company went public in 2011, Mr Neven, Eugene Ubalijoro, Ed Fields, Dennis Hanna, Guido De Boer and Patricia Hermanns.

Hurricane Matthew caused major damage at the company's 150,000 square-foot brewery at Clifton Pier, as well as two retail stores in Grand Bahama and Abaco.

"Total damage and business interruption costs amounted to more than $10 million," said Mr Neven. He also praised employees who assisted in restoration of the Brewery, adding: "I wish to thank them again publicly, and let them know that we were beyond impressed; we were moved by their dedication".

Commonwealth Brewery also donated more than $250,000 to its employees to assist with their individual recoveries following the hurricane.

In 2016 the number of retail stores increased to 57 stores nationwide. The new unifying brand and logo was also introduced, 700 Wines & Spirits. The Todhunter-Mitchel local rums, Ricardo and Ole Nassau, were also rebranded in 2016. The Heineken 16oz can and Kalik Light Platinum were launched in 2016 as well with resounding success. Similarly, Coors Light has seen phenomenal growth.