COVID 19 has ravaged 25 percent of East African Breweries profits.
In a cautionary statement issued to shareholders, the firm predicted a bleak future in business, owing to the closure of bars, eateries, hotels, and other hospitality outlets.
“EABL’s current performance forecast indicates a decline in profit after tax of approximately 25% for the financial year ending 30 June 2020 versus the prior year.” The statement read.
Effectively, EABL is expected to massively retrench staff in a bid to remain in business.
COVID 19 preventive measures advocate for the social distancing of more than one meter.