AB InBev has delivered a strong first quarter, with its CEO attributing the driven by pricing actions, continued premiumisation and the “strength of the beer category”.
The drinks giant posted an underlying profit of £1.2bn ($1.509bn) in the first quarter of 2024, up from £1.05bn ($1.31bn) in the same period last year.
AB InBev reported its total sales rose by 2.6%, despite its total volume declining by 0.6%.
Elsewhere its megabrands experienced a 6.7% increase in the combined revenues, led by Corona which grew 15.5% outside of its home market.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
AB InBev’s global no- and low-alcohol beer portfolio also saw high-teens revenue growth, with its performance led by Corona Cero and Budweiser Zero.
AB InBev chief executive officer Michel Doukeris praised the company’s results, and hailed the “strength of its beer category”.
The CEO said: “The strength of the beer category, our diversified global footprint and the continued momentum of our megabrands delivered another quarter of broad-based top- and bottom-line growth.
“We are encouraged by our results to start the year, and the consistent execution by our teams and partners reinforces our confidence in delivering on our 2024 growth ambitions.”
The latest results follows in the wake of a slightly weaker year for the FMCG giant, popular drinks such as Budweiser, Corona, Becks and Stella Artois, experienced a dip in profits to £1.313bn ($1.661bn) in its fourth quarter compared to last year’s £1.375bn ($1.739bn).
