At a Glance
- TBL loses over $250 million in 2025 amid weakening earnings and rising costs.
- New MD Michelle Kilpin drives innovation and steadies performance despite economic pressure.
- Revenue rises 10 percent in Q3, but cash position weakens after heavy payouts.
Tanzania Breweries Limited (TBL), the AB InBev-owned brewer and one of Tanzania’s most influential listed companies, has seen its valuation fall below $1 billion for the first time in years.
The company’s market cap dropped from Tsh3.21 trillion ($1.23 billion) to Tsh2.3 trillion ($970.6 million) in 2025, driven by weakening earnings, rising finance costs, and reduced cash reserves.
The $259 million loss places TBL among the biggest year-to-date decliners on the Dar es Salaam Stock Exchange, even as rival firms in East Africa post strong double-digit gains.
The 22 percent decline in share price, from Tsh10,400 ($4.22) on Jan. 1 to Tsh8,100 ($3.28), pushed TBL down from the most valuable company on the Dar es Salaam Stock Exchange to the fifth position. The drop comes as rival companies, including NMB Bank, KCB Bank, and East African Breweries, post strong double-digit gains this year.
Despite its valuation concerns, the brewer maintains a strong market presence with brands such as Kilimanjaro Lager, Castle Lite, and Safari Lager.
TBL’s history and status
Established in 1933, TBL operates breweries in Dar es Salaam, Arusha, Mwanza, and Mbeya, as well as a malting plant in Moshi and a distillery in Dar es Salaam. The company supports over one million direct and indirect jobs across Tanzania.
Now dropping in status from the most valuable company to the 5th position on the Dar es Salaam Stock Exchange (DSE), Tanzania Breweries ranks as the second Brewer in Tanzania and among East Africa’s top ten most valuable companies. While other listed firms, such as NMB Bank, KCB Bank, and East African Breweries have seen impressive double-digit gains of over 20 percent year-to-date, Tanzania Breweries has suffered more than $250 million in losses since the start of the year 2025.
Amid the valuation woes, the brewer has shown resilience in maintaining a second position in market leadership despite the ongoing economic challenges. Creating jobs and cheers in Tanzania. Founded in 1933 as Tanganyika Breweries, Tanzania Breweries operates four breweries in Dar es Salaam, Arusha, Mwanza, and Mbeya, alongside a distillery in Dar es Salaam and a malting plant in Moshi.
With eight depots nationwide, the company produces, distributes, and exports malt beer, non-alcoholic beverages, and alcoholic fruit drinks, serving both domestic and regional markets. It also holds a controlling interest in Tanzania Distilleries Limited. As Tanzania’s oldest company and a major employer, the brewer has created over one million direct and indirect jobs to date.
Its enduring commitment to innovation and community impact aligns with its mission to “create a future with more cheers,” ensuring its products and operations remain integral to Tanzanian society.
Financial reports for the third quarter
Tanzania Breweries Plc reported strong top-line growth for the third quarter ended Sept. 30, 2025, though heavy dividend payouts and higher finance costs weighed on its cash position and earnings. Revenue rose 10 percent year on year to Tsh467.09 billion ($190.09 million), supported by solid volume growth in its Core and Core+ beer segments and double-digit gains in the Konyagi spirits brand.
Net profit edged up 3 percent to Tsh69.36 billion ($28.2 million), although basic earnings per share slipped 5 percent to Tsh204 ($0.08) following higher profit allocations to non-controlling interests.
The brewer’s balance sheet contracted due to substantial dividend distributions. Total assets fell to Tsh960.77 billion ($390.61 million) from TShs 1.25 trillion ($507.94 million) in June, while equity dropped to Tsh626.17 billion ($254.44 million) after a Tsh211.27 billion ($85.85 million) payout. Cash and cash equivalents declined sharply to Tsh84.36 billion ($34.27 million), driven by dividend outflows, capex and a Tsh36.52 billion ($14.83 million) corporate tax payment.
Despite currency-related financing costs, management expects continued momentum, citing strong brand performance and ongoing investment in production capacity.
Tanzanian Breweries and its first female MD
Tanzania Breweries’ new managing director, Michelle Kilpin, who is the first female managing director in the brewer’s 90-year history continues to make waves since her appointment on February 2, 2024.
Michelle Kilpin expressed pleasure with the results, attributing the 10 percent revenue growth to sustained volume momentum and effective category mix management. The 17 percent increase in operating profit was credited to strong top-line performance and disciplined cost management.
Management acknowledged that finance costs were negatively impacted by unfavourable currency translation. The overall outlook remains positive, with the company’s performance described as a “testament to the strength of our portfolio of brands and the continued dedication and hard work of our teams.”
Kilpin, a South African business executive with over 19 years of experience at AB InBev, is steering the company toward sustainable growth.
