China: China Resources Beer reports slight drop in 2022 net profit

China Resources Beer (Holdings) Co. said on March 24 that its net profit fell slightly in 2022 as consumption weakened amid the Covid-19 pandemic.

The company's net profit fell to 4.34 billion yuan ($636.4 million) from CNY4.59 billion in 2021, while its revenue rose to CNY35.26 billion from CNY33.39 billion.

Despite higher revenue, raw-material and packaging costs rose during the year, which the liquor company attributed to geopolitical issues and global supply-chain disruptions.

China Resources Beer said it expects the beer market to recover gradually this year, as pandemic restrictions in China have been lifted.

The beer company said it is working to increase the market share of its products and brand investments in 2023.

It also said it will launch its first bistro brand, Joy Brew, which is expected to begin operations in the first half.

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