Carlsberg lifts profit due to strong Chinese sales

Danish brewer Carlsberg beat first-quarter sales forecasts on Thursday, April 27. The company raised the lower end of its full-year profit guidance following strong beer sales in China.

The Danish brewer has stated, that the company now expects an organic operating profit growth of between minus 2% and plus 5% in 2023. Previously the brewer estimated with a range of minus 5% to plus 5%.

“What has changed since the beginning of the year, when we were uncertain about China, is that the situation there has improved significantly,” Chief Executive Cees’t Hart said.

The company said revenue per liter sold globally increased by 12%. This indicates that consumers are buying more expensive beers as they return to bars and restaurants following pandemic-related lockdowns.

“The first quarter of the year showed a strong improvement in revenue per hectoliter, covering the significant increase in our cost base,” Hart said.

Brewers have raised prices in response to rising energy and raw material costs. There is still some uncertainty concerning how consumers will react to higher prices and continued high inflation, exceptionally in Europe, the company said.

Sales totaled 16.4 billion Danish crowns ($2.4 billion) in the first three months of the year, compared with 15.9 billion crowns forecast by analysts in a company poll.


About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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