EABL’s profitability remained relatively flat during the period. Net revenue edged up 14.7% y/y to KES 85.96B, above our forecast of KES 77.94B, mainly driven by growth in sales across its markets. Net sales in Kenya, Uganda, and Tanzania were up 10%, 33%, and 15% y/y respectively. While PAT remained relatively flat, EPS increased 6.6% y/y to KES 5.51 as a result of EABL increasing its stake in Serengeti Breweries Limited which led to an increased benefit to shareholders.