Duvel Moortgat hikes volumes, turnover and profits in 2016
No wonder they could buy all those breweries: Duvel Moortgat set record results in 2016. Its turnover exceeded EUR 400 million for the first time. Since it left the stock exchange in 2013, the company’s turnover and profits more than doubled, media reported at the end of June 2017.
Duvel Moortgat’s total turnover grew more than 27 percent in its past fiscal year, from EUR 316 million to EUR 401.4 million (USD 460 million). It achieved both organic and external growth, thanks to several acquisitions (Brouwerij ‘t IJ, Amsterdam; Firestone Walker, California), which were fully consolidated for the first time.
Most spectacularly, Duvel “merged” with Firestone Walker in 2015 for allegedly USD 250 million, having bought Kansas’ Boulevard brewery in 2013 for a rumoured USD 100 million.
The Belgian firm’s EBITDA increased from EUR 97 million to EUR 118.6 million and its net profit reached EUR 53.6 million (USD 61.5 million). All of Duvel Moortgat’s breweries combined produced 1.8 million hl beer in 2016.
Looks like Duvel Moortgat did the right thing when the Moortgat family took the company off the stock market in 2013. It had gone public in 1999 to allow various other family members to sell their shares.
