China: China Resources Beer’s first-half net profit more than doubles, beer sales up 4.9%
In the first half of 2021, China Resources Beer's net profit more than doubled to 4.29 billion yuan (HK$5.15 billion) and its dividend payout rose at the same pace, the company reported on August 18.
It declared an interim dividend of 26.4 fens, well up from 12.8 fens a year ago, an exchange filing showed.
The company said the surge in profit came from an initial compensation gain on transfer of the land owned by the group, amounting to nearly 1.76 billion yuan, and an increase in gross profit due to an increase in sales volume and the average selling price of products.
In the first half of 2021, the group’s overall beer sales volume saw a 4.9% year-on-year increase to approximately 6,337,000 kilolitres. Among those, the sales volume of the sub-premium beer segment and above reached 1,000,000 kilolitres, representing an increase of 50.9% year-on-year and a significant improvement in product mix.
The overall average selling price increased by 7.5% year-on-year to offset the impact of the increase in average costs of sales due to the increase in price of raw materials and packaging materials.
Together with the increase in sales volume, the overall gross profit in the first half of the year
increased by 18.1% year-on-year to RMB8,305,000,000.
The company continued to build and promote its brand portfolio by launching a number of new brands in the first half of 2021, including the super premium product Li, the premium product Löwen Fruit Beer (#485 Rosé), the carbonated beverage Snow Xiao Pi Qi as well as the international brand Amstel, to further enrich the Group’s product portfolio and support its premiumization development.
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