AB InBev has posted a revenue increase of 11.1% for its first quarter, driven by “accelerated digital transformation” and higher beer prices.
The company reported a 2.8% growth in its total volumes for Q1, with its own beer volumes up 2.2% and non-beer volumes up 6.0%.
In Q1 2022, the drinks giant saw revenues of $13.24 billion, compared with last year’s quarter’s $12.29 billion, with revenue per hl growth of 7.8%. Meanwhile, EBITDA grew by 7.4% to $4.49 billion.
AB InBev recorded a 6% increase in combined revenues from its three global brands – Budweiser, Stella Artois and Corona – outside of their respective home markets.
The group said that its global brands and beyond beer business both grew by more than 30%.
The brewer’s US business saw revenue growth of 2.1%, with sales-to-wholesalers down by 3.8% and sales-to-retailers declined by 5%, which was impacted by the reappearance of Covid-19 in January.
Reuters noted that: “Price hikes and consumers trading up to more expensive brews have propelled revenue, while higher costs for commodities and beer deliveries curbed profit”.
AB InBev’s CEO, Michel Doukeris, said: “Relentless execution of our strategy and accelerated digital transformation drove continued momentum in the first quarter, delivering an 11.1% increase in the top-line through a combination of both volume and revenue per hl growth. Our teams continued to meet the moment in this dynamic operating environment to deliver 7.4% EBITDA growth.”
The company announced last month that it plans to sell its non-controlling stake in its Russian joint venture AB InBev Efes, facing a $1.1 billion impairment charge.