27 March, 2024

China: Tsingtao Brewery’s 2023 net profit rises amid slow local economy

Tsingtao Brewery, one of the China's largest brewers, saw net profit rise last year despite a slow local economy, the Morning Star reported on March 27.

The company said it developed more sources of income, cut costs and increased efficiency to achieve "sustainable and sound" revenue growth.

Net profit in 2023 increased 15.0% to 4.27 billion yuan ($591.6 million), while revenue rose 5.5% to CNY33.94 billion, the company said in a financial filing on March 27.

The brewer said it expects to face challenges in the external market environment, but remains confident it can grab opportunities from technological revolutions and consumption upgrades.

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