Russia & Denmark: Carlsberg returns to profit thanks in part to sale of Russian subsidiary

Danish brewer Carlsberg said on February 6 that it returned to profit in 2024 thanks in part to completing the sale of its Russian subsidiary.

Like many Western companies Carlsberg sought to pull out of Russia after it invaded Ukraine in February 2022, but it was only in December 2024 that it was able to complete a sale of the Baltika brewery.

The amount of the transaction was not disclosed in December, but the company's annual statement indicated that Carlsberg received 2.3 billion kroner ($319 million) for Russia's largest brewer.

Carlsberg, the world's fourth-largest beer group, posted a net profit of 9.1 billion kroner for 2024, after having posted a loss of 40.8 billion kroner in 2023, due in large part to Moscow having seized Baltika.