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Thursday, March 9, 2023


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Written by

Reuters

Reuters Wire Service


 * Business Report
 * Companies


AB INBEV HIKES PROFIT DESPITE SELLING LESS BEER GLOBALLY



The maker of Budweiser, Corona and Stella Artois said on Thursday that its
drinks volumes fell globally by 0.6% in the final quarter of 2022, compared with
a rise expected by the market. Photo: Reuters

Published Mar 2, 2023

Written by

Reuters

Reuters Wire Service




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Anheuser-Busch InBev, the world's largest brewer, expanded its profit by
slightly more than expected in the fourth quarter as higher prices more than
compensated for an overall decline in beer sales.

The maker of Budweiser, Corona and Stella Artois said on Thursday that its
drinks volumes fell globally by 0.6% in the final quarter of 2022, compared with
a rise expected by the market.



AB InBev suffered a sharp decline in sales and earnings in China due to a strict
zero- Covid policy that was suddenly dropped in December.

The company’s Asian subsidiary, which also released results on Thursday, said it
believed the restaurants and night life venues it sells to China had almost
fully re-opened by the end of February.

It said it was optimistic for a business recovery in 2023, after a transitional
first quarter.

MORE ON THIS

 * SA’S DARLING, CARLING BLACK LABEL SALES HELP BOOST AB INBEV’S QUARTERLY
   PROFIT IN SA

 * HEINEKEN HAS TO COUGH UP R10BN INVESTMENT TO PRECEDE WITH DISTELL BUY

 * BEER INDUSTRY REPRESENTS R1 IN EVERY R79 OF SA’S GDP

In the US, AB InBev’s largest market, profit and revenue increased largely due
to price increases, although those same increases, along with harsh winter
weather in December cut into beer sales in volume terms.

Brewers have raised beer prices in response to higher-energy and raw-materials
costs, and both Heineken and Carlsberg have warned of weaker beer consumption in
Europe because of the increases.

AB InBev shares were down 3.1% in early trading, albeit in a weaker overall
market.



Bernstein Research analyst Trevor Stirling described the results as a “mixed
bag” and said that some investors may have hoped for a less conservative
outlook, although an increased dividend was a positive sign.

The company’s overall core profit – earnings before interest, tax, depreciation
and amortisation (Ebitda) – rose 7.6% on a like-for-like basis in the fourth
quarter to $4.95 billion (R89.7bn), above the 7.1% gain expected by analysts in
a company-compiled poll.

For the whole year core profit growth was 7.2%.



The Belgium-based company forecast core profit would grow in 2023 in line with
its medium-term outlook range of 4% to 8%, with revenue expanding at a higher
rate than profit.

AB InBev also increased its full-year dividend to a proposed €0.75 (R14.46) from
€0.50 in each of the past two years.

REUTERS




Related Topics:

Stock MarketsFinanceBeerConsumersLockdown

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