Listed wines and spirits maker African Distillers Limited (AFDIS) has reported an increase in profit-after-tax for the six months to December 31, 2018.

The company’s PAT rose to $7 million from $2,7 million in the prior comparable period as management focused on boosting revenue and containing costs.

Total revenue was up 57% to $25,9 million from $16,4 million, whereas operating income was up 130% to $9,3 million from $4 million.

“The company posted a good set of results as it continues to enjoy growth in volumes, revenues and profits despite the deteriorating macro-economic conditions. Demand remained firm, but could not be fully satisfied due to severe foreign currency shortages,” said chairman Pearson Gowero.

Operating income increased to $9,3 million, a growth of 130% on the prior year.

Total assets grew to $44,6 million from $35,6 million, while liabilities rose to $15,3 from $14,7 million.

“This strong performance is attributed to volume and revenue growth as well as value-chain cost management. Expanded margins were as result of value chain distortions emanating from foreign currency shortages,” he added.

Total volumes increased by 40% compared to prior year, with ready-to-drink segment registering 55% growth, followed by spirits at 25% and wines at 22%.

Spirits continue to dominate revenue contribution, accounting for 61%, followed by RTDs at 29% and wines contributing the balance.

“The trading environment remains difficult. However, it is hoped that the national economic reform agenda will yield positive results. Management continues to focus on business sustainability, given the foreign currency scarcity,” said the chairman.

Earnings per share grew 155% to 6,8 cents.

The board has declared an interim dividend of 3 cents per share.