Ambev Posted 3Q Net Profit of BRL3.6 Billion as Pandemic Recovery Continued
October 28 2021 - 7:11AM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Ambev SA said Thursday its net profit rose in the
third quarter from a year earlier as the brewer's customers drank
more beer amid a continuing recovery from the coronavirus
pandemic.
The Sao Paulo-based company's profit attributable to
shareholders increased to 3.6 billion reais, equivalent to $650
million, from BRL2.3 billion a year earlier, Ambev said Thursday.
Diluted earnings per share increased to 22 centavos from 14
centavos.
Net revenue reached BRL18.5 billion, an increase of 18.5%, and
normalized earnings before interest, taxes, depreciation and
amortization rose 7.8% to BRL5.5 billion. Sales volumes increased
7.7% to 45.7 million hectoliters, the company said.
Ambev is controlled by Anheuser-Busch InBev SA, the world's
biggest beer producer, and brews and markets brands including
Budweiser, Brahma and Corona. Brazil is Ambev's biggest market, but
the company also operates in other countries in the Americas
including Canada, Argentina and Chile.
Beer consumption in Brazil, the company's main market, grew to
23.5 million hectoliters from 21.8 million hectoliters a year
earlier, with net revenue up to BRL7.7 billion from BRL6.7 billion
in the third quarter of last year, the company said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
October 28, 2021 06:56 ET (10:56 GMT)
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