Company Intelligence — Overview

Tanzania Breweries

The Dominant Brewer, Still Growing Into 2025
DSE: TBL · Dar es Salaam Stock Exchange · FY ending 31 Dec
Data note
FY2025 audited results are not yet published. Figures below combine the latest audited year (FY2024) with 2025 interim disclosures; this page will be refreshed when the FY2025 annual report is released.
~10,430
Market price · TZS/sh (May 26)
163.1 bn
FY24 profit after tax (audited)
+10%
FY25 revenue (interim)
66.2 bn
Q4’25 profit
692.0 bn
Equity · 31 Dec 25
~23%
Operating margin (interim)

Tanzania’s dominant brewer, with national distribution and global parentage — a defensive consumer franchise whose 2025 interim numbers point to continued double-digit revenue growth ahead of audited full-year results.

The analysis — key observations
  • Market leadership. The leading brewer in Tanzania with deep distribution and brand strength — a classic wide-moat consumer staple.
  • 2025 momentum. Interim disclosures show revenue up ~10% and operating profit up ~17% (to a 23.3% operating margin in Q3), with equity building to TZS 692.0bn by year-end.
  • Cash generative. A consistent, substantial dividend payer — FY2024 profit after tax of TZS 163.1bn underpinned large distributions.
  • Audited FY2025 pending. The interim trajectory is encouraging; a full read requires the audited annual report, due after year-end close.
The story
A defensive, cash-generative leader compounding steadily. The 2025 interims suggest momentum has continued; the open question is simply the magnitude once audited full-year figures land.
Performance — latest audited & 2025 interim
163.1bn
FY24 profit after tax
audited
+10%
FY25 revenue
interim
+17%
FY25 operating profit
interim (Q3)
23.3%
Operating margin
Q3’25
66.2bn
Q4’25 profit
692.0bn
Equity 31 Dec 25
Valuation context (illustrative, educational)
MeasureValue
Market price (May 26)~10,430
FY24 profit after tax163.1bn
FY25 audited P/Epending

Illustrative framing for education only — not a price target or recommendation. A trailing P/E will be added once FY2025 audited EPS is published; until then figures mix audited FY2024 and 2025 interim disclosures.

Market backdrop — DSE & macro · mid-2026
3,950
DSE All-Share Index
18 Jun 26
34.2 tn
DSE market cap · TZS
~6%
GDP growth
~3.3%
Inflation · stable macro
Input costs & FX

Barley, packaging, and imported inputs expose margins to cost and currency moves.

Excise & regulation

Alcohol excise and regulation are the standing policy risks to volumes and pricing.

Reporting cadence

Audited FY2025 results pending — this overview will be refreshed on publication.