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Brewer AB InBev cheers best quarter of the year

The world’s top brewer AB InBev said Thursday that it enjoyed its best quarter of the year as sales volumes rose, triggering a jump in profits.

While surging inflation has been putting pressure on consumers everywhere, the maker of Budweiser and Corona beers still managed to boost its sales volumes in the July-September quarter.

The 3.7-percent volume growth compared to the same period last year helped drive a 12.1-percent increase in sales revenue to $15.09 billion.

The company called it the “best quarterly volume performance this year”.

Net profit soared 62 percent to $1.63 billion.

“We continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment,” chief executive Michel Doukeris said in a statement.

The Belgium-headquartered company, which also makes Beck’s and Stella Artois, boosted the lower end of its annual earnings outlook.

It now expects 2022 operating profits “to grow between 6-8 percent”.

Sales revenue should grow at a faster rate “from a healthy combination of volume and price” increases, it added.