Portugal: Unicer reports higher net profit in 2016 despite losing the Angolan market

Portugal’s No. 1 brewer Unicer reported a net profit of EUR38 mln in 2016 – up 46% versus 2015, Jornal de Negocios reported on February 21. The company attributed the achievement to a successful restructuring of its operations.

Unicer’s sales grew 1% to EUR451 bln last year, with domestic sales increasing by 6%. Export sales continued to decline registering a drop of 24% due to ‘almost zero’ sales in Angola, CEO Rui Ferreira said. According to the CEO, China has taken Angola’s place as the largest importer of company’s products last year.

Previously Angola was the company’s largest export market with sales reaching 120 mln litres. However, a drastic increase in import duties made Unicer reduce shipments to the minimum, the CEO said.

Unicer’s net debt was below EUR100 bln last year with EBITDA growing 3% to EUR86 mln, it is reported.

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