AB InBev, the world’s largest brewer, posted better-than-expected sales and profit in the second quarter as consumers drank more beer at higher prices.
The Budweiser and Corona maker said sales and volumes rose in most major markets, except for China, where Covid-19 lockdowns crimped consumption.
Brewers have been raising prices to offset higher costs as pubs and bars have reopened and social gatherings return.
So far, consumers have kept up drinking despite soaring inflation in the US, Europe and other parts of the world.
CEO Michel Doukeris said the strength of the company’s brands, which also include Stella Artois, “enabled us to meet the moment in an ongoing dynamic operating environment”.
Earnings before interest, tax and depreciation rose 7, 2 percent in the second quarter, beating analysts’ expectations.
Analysts had predicted earnings would rise 6,7 percent, according to the average of a Bloomberg survey. The company also said revenue grew by 11,3 percent in the second quarter, beating estimates of 10,4 percent.
Volumes increased by 3,4 percent.
AB InBev has a significant shareholding in Delta Corporation. − Bloomberg.