Published 10 August 2017
Buckie Got It, St. Kitts and Nevis News
Carib Brewery reports St. Kitts and Nevis economy declined in 2016; export sales decreased by 37 percent
BASSETERRE, ST. KITTS, AUGUST 10H 2017 – Carib Brewery (St. Kitts and Nevis) in its annual report for 2016 said it is now estimated that growth in the St. Kitts and Nevis economy declined to 3.5 percent in 2016, from 3.8 percent in 2015.
“This is based on weaker investment inflows from the Citizenship By Investment programme which impacted construction activity. There was also a slowing down in tourism growth which weighed on consumption (Latin American Monitor Report dated June 2017),” said the Carib Brewery Chairman Anthony N Sabga III.
He said Carib Brewery (St. Kitts and Nevis) Limited performed strongly although profit before tax was slightly below that of the EC$8.9 million in 2015 compared to EC$8.8 million in 2016.
“Impacted by the decline in the local economy, growth in the St. Kitts and Nevis market was only 1 percent over that of 2015, while the export sales declined by 37 percent,” said Mr. Sabga.
Total revenue achieved was EC$39.1 million in 2016 compared to EC$41.9 million in 2015, a decline of 7 percent.
The 2016 Report, released to shareholders ahead of the August 17th Annual General Meeting, highlights that Carib Brewery produced 884,730 total sales cases in 2016 compared to 979,161 cases in 2015 and 991,046 cases in 2014.
