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SAB - Robust NPAT growth on margin expansion and financial income - Earnings Flash

SAB’s revenue grew 5% while NPAT-MI jumped 19% in Q1 2017 vs Q1 2016. These results exceeded SAB’s preliminary disclosure in its AGM back in April 2017of flat PBT. Per the company, revenue climbed on the back of sales mix and ASP hikes; the latter was likely driven by the increase in special consumption tax at the beginning of this year from 55% to 60%. Meanwhile, NPAT-MI rose faster thanks to (1) a 1 ppt EBIT margin expansion to 17.0%, (2) profits from selling shares of Eximbank (EIB), (3)