AB InBev has delivered a rise in profits in its third quarter, but reported volumes dropped following tough consumer conditions.

The alcohol manufacturer, which owns Budweiser, Corona and Stella Artois, reported profits rose 13.9% to £1.48bn ($1.97bn), while sales also edged up 2.1% in the 2024 third quarter. However, total volumes decline by 2.4%, with own beer volumes down by 3.1% and non-beer volumes up by 0.6%

AB InBev ‘megabrands‘, such as Brahma, Cass, and Skol, experienced a 3.1% boost, led by beer brand Corona, which grew 10.2% outside its home market in the third quarter.

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Chief executive Michel Doukeris said he was “confident” that the brewer could deliver its raised EBITDA growth outlook of 6% to 8% for the 2024 financial year.

Doukeris said: “Beer is a passion point for consumers. Consumer demand for our megabrands and the execution of our mega platforms delivered another quarter of top- and bottom-line growth with margin expansion. Our teams and partners continue to execute our strategy.”

AB InBev’s trading update follows its UK division last month reporting its losses had widened over the last financial year, despite raising its prices.