TBL recorded a net profit growth of 7.8% to TZS 149.2Bln during the year 2022, while the total revenue from sales of beer and spirits rose by 12.2% to TZS 1.14Trn. Net income margin slightly dropped by 20bps to 13.1% largely due to the 96.3% increase in tax expenses. Increased revenue lifted the gross margin from 38% in 2021 to 40% in 2022. In the last five years, TBL's profit has grown by 12%, from TZS 133Bln in 2018 to TZS 149Bln in 2022, while revenue has grown by 5.6% during the same period.
Since the takeover by AB-InBev in 2017, the company began restructuring its operations, in an attempt to cut operational expenses, including a substantial cut of marketing expenses, leaving room for a growing stiff competition from Serengeti and other locally made spirits, including K-Vant which began rebranding to cater for premium consumers. As a result, TBL’s revenue dropped for four straight years while net profit and profit margins improved for the first three years since the takeover.