China: China Resources Beers 2021 net profit more than doubles
China Resources Beer (Holdings) Co.'s 2021 net profit more than doubled, driven by substantial gains from a land-transfer deal, as well as sales of high-margin premium products, MarketWatch reported on March 24.
The Chinese brewery has posted net profit of 4.59 billion yuan ($720.3 million), up sharply from CNY2.09 billion in 2020.
Revenue rose 6.2% to CNY33.39 billion, thanks to better sales of higher-priced premium beers, even though overall beer sales volume was flat.
Profitability was further boosted by lower operational and labor expenses due to the company's plant closures and capacity optimization.
During the year, the company booked about CNY1.76 billion in compensation gain for the transfer of a land plot.
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