BRALIRWA Ltd delivered a solid performance in 2010 with
net proit growing by 62.8% driven by a robust result
from operating activities, lower interest expense and
lower income tax expense;
• Result from operating activities growth by 49.2%
driven by a strong volume performance, higher pricing
and effective cost management;
• Revenue growth accelerated during 2010, increasing
by 16.1% to Frw 52 billions, supported by higher
volumes, increased pricing and improved sales
execution;
• Volume growth by 12.5% driven by strong growth
of the Primus and Mützig beer brands and higher soft
drink sales;
• Strong free operating cash low generation of Frw 9.5
billion, driven by a signiicant increase in proitability
and working capital improvements.

I wouldn't be too happy @ full earnings paid out as dividends. Infact I would be very wary!! Either, 1. The company sees limited scope for growth hence zero need to re-invest or 2.The Rwandan Govt.is about to come down heavily on the industry via punitive sin-tax. The latter holds more water so the board just thought..let's have our last fat meal. *I hold no interests in this Co.*

Simply because BAT is a mature company. Unless I am over 40 years of age, I see no reason of investing in a company that is not re-investing for its/my future. I am currently 27yrs so if I can grow with a company to maturity over the next 13yrs...I WILL GLADLY ACCEPT a 100% dividend pay-out. Tafakari..

Today Bralirwa shares gained 11.2% in value for the day which is yet another high for the
past three months. The
breweries’s shares opened at Rwf 207 and closed at Rwf 228, an increase of Rwf 23.

@VVS,

Is that prudent financial management for a company? I thought they need to have some reserves, should there be a deal, they have some equity to contribute as opposed to going for 100% debt.

1) Reserves for what?
2) By the time the dividend is paid the firm will have made plenty of cash in 2011!
3) What deal? Chances are if they need cash, they can get it from the parent Heneiken