Updated 2 November 2026
EABL vs BAT Kenya shares: BAT Kenya is the bigger yield play, EABL the growth-and-income play. At the 30 October 2026 closing prices, BAT Kenya (KSh 549.00) yields about 12.8% on its 2025 dividend of KSh 70, while EABL (KSh 270.75) yields about 4.7% on its FY2026 dividend of KSh 12.70. But BAT has recently paid out more than it earned and its revenue is shrinking, while EABL’s profit rose 49% and its dividend rose 59%. This comparison sets the numbers side by side so you can judge the trade-off.
Updated 2 November 2026. Dividends and EABL’s results are from company announcements and CDSC corporate actions; share prices, market value and trailing figures are S&P Global Market Intelligence data via StockAnalysis, read 2 November 2026 (close of 30 October 2026). Not investment advice.
EABL vs BAT Kenya shares at a glance
| Measure | EABL | BAT Kenya |
|---|---|---|
| Business | Beer, spirits (Kenya, Uganda, Tanzania) | Cigarettes and nicotine products |
| Share price, close 30 Oct 2026 | KSh 270.75 | KSh 549.00 |
| 52-week range | KSh 215.00 – 351.00 | KSh 425.00 – 629.00 |
| Market value | About KSh 213 billion | About KSh 54.9 billion |
| Financial year ends | 30 June | 31 December |
| Latest full-year dividend | KSh 12.70 (FY2026: 4.00 + 8.70) | KSh 70.00 (FY2025: 10 + 60) |
| Dividend yield at 30 Oct price | About 4.7% | About 12.8% |
| Earnings per share | KSh 18.99 (FY2026) | KSh 53.38 (trailing 12 months) |
| Price-to-earnings ratio | About 14.3 | About 10.3 |
| Revenue trend | +13% to KSh 146.0bn (FY2026) | -7.8% to KSh 23.7bn (trailing 12 months) |
| Dividend vs earnings | About two-thirds of EPS paid out | Recent dividends above trailing EPS (payout above 100%) |
| Payment months | Interim ~April, final ~October | Interim ~September, final ~May/June |
| Cost of 100 shares | About KSh 27,075 | About KSh 54,900 |
Yields are our calculation: latest full-year dividend Ă· 30 October closing price.
Dividend history side by side
| Year | EABL total per share (FY to June) | BAT Kenya total per share (calendar year) |
|---|---|---|
| 2022 | KSh 11.00 | KSh 57.00 |
| 2023 | KSh 5.50 | KSh 50.00 |
| 2024 | KSh 7.00 | KSh 50.00 |
| 2025 | KSh 8.00 | KSh 70.00 |
| 2026 | KSh 12.70 | KSh 10.00 interim so far; final usually announced Feb–Mar |
EABL halved its dividend in FY2023 and has raised it every year since. BAT Kenya kept its payout at KSh 50 or more every year and lifted it to KSh 70 for 2025. Full detail: EABL dividend history and BAT Kenya dividend history.
What KSh 100,000 earns in each
| KSh 100,000 at 30 Oct prices | Shares (approx.) | Gross yearly dividend | After 5% withholding tax |
|---|---|---|---|
| EABL | 369 | KSh 4,686 | KSh 4,452 |
| BAT Kenya | 182 | KSh 12,740 | KSh 12,103 |
Based on the latest full-year dividends and ignoring brokerage fees. Run your own figures with our withholding tax calculator.
The risks behind the yields
BAT Kenya
A 12.8% yield is high because the market prices in risk. S&P Global data shows BAT Kenya’s trailing payout ratio above 100%, meaning recent dividends exceeded profit for the period, and trailing revenue fell 7.8%. Cigarette earnings are exposed to excise duty changes in each Finance Act and to illicit trade. If profits dip, a payout above earnings is the first thing that can be cut.
EABL
EABL’s dividend is backed by stronger earnings: profit after tax rose 49% to KSh 18.2 billion in FY2026, and it paid out about two-thirds of EPS. Its risks are excise duty on beer and spirits, regional demand and a change of controlling shareholder, as Diageo has agreed to sell its stake to Asahi Group Holdings, pending the Competition Authority of Kenya’s review when EABL reported.
Who might prefer which?
- Income now: BAT Kenya pays far more per shilling invested, if the dividend holds.
- Dividend growth and earnings cover: EABL’s dividend is better covered by profit and growing.
- Spreading payments: owning both gives dividends in April, May/June, September and October.
The data doesn’t name a winner; it shows a choice between a high but stretched yield and a lower, better-covered and growing one. For more options see the highest dividend paying stocks in Kenya, and to compare with EABL’s biggest NSE peer, read Safaricom’s dividend history. To buy, see how to buy shares on the NSE.
Frequently asked questions
Which pays a higher dividend, EABL or BAT Kenya?
BAT Kenya: KSh 70 a share for 2025, a yield of about 12.8% at the 30 October 2026 price, against EABL’s KSh 12.70 for FY2026, about 4.7%.
Is BAT Kenya’s dividend safe?
No dividend is guaranteed. S&P Global data shows BAT Kenya’s recent payouts above its trailing earnings, and revenue fell 7.8% over the last 12 months, so the payout depends on profits holding up.
When do EABL and BAT Kenya pay dividends?
EABL pays an interim around April and a final around October. BAT Kenya pays an interim in September and a final in May or June.
Which is cheaper on P/E, EABL or BAT?
BAT Kenya, at about 10.3 times trailing earnings, against about 14.3 for EABL at 30 October 2026 prices.
Sources: EABL FY2026 audited results (5 August 2026) and AGM notices; BAT Kenya dividend announcements and CDSC corporate actions; S&P Global Market Intelligence via StockAnalysis (BAT) and (EABL), read 2 November 2026. Not investment advice.
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