Ambev 1Q Profit Rose on Rising Sales of Premium Beers
04 May 2023 - 9:59PM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Ambev said Thursday its profit rose in the first
quarter, helped by increased sales of premium brands in the beer
maker's home market of Brazil.
The Sao Paulo-based brewer's net income rose to 3.82 billion
reais, equivalent to $765 million, from BRL3.53 billion a year
earlier. Net revenue reached BRL20.53 billion from BRL18.44 billion
reais in the year-earlier period.
The volume of sales fell to 44.9 million hectoliters from 45.1
million a year earlier, Ambev said. Beer sales by volume in Brazil
increased to 22.2 million hectoliters from 22.0 million hectoliters
in the year-earlier period, while revenue from beer sales in Brazil
rose to BRL9.3 billion from BRL8.1 billion a year earlier.
Ambev is controlled by Anheuser-Busch InBev, the world's biggest
beer producer, and brews and markets brands including Budweiser,
Brahma and Corona. Brazil is Ambev's biggest market, but the
company also operates in other countries in the Americas including
Canada, Argentina and Chile.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
May 04, 2023 07:44 ET (11:44 GMT)
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