CHINA: Kingway sees sales still rising in 2007 - report

By | 30 May 2006

Chinese beer maker Kingway Brewery is reportedly targeting a 40% jump in beer sales next year as this year's volumes look set to meet forecasts.

Kingway had set a target of 700,000 tonnes this year but, according to a Reuters report on Friday (26 May), strong demand for the brewer's Kingway and New Life brands have buoyed sales.

"It seems that we could top the 700,000 level this year," chairman Ye Xuquan told the news agency. "Sales next year could well exceed 1m tonnes."

Last month, Kingway reported a 19% jump in net profit last year on the back of rising sales. Kingway posted net profit of HK$198.3m (US$25.6m) for 2005. Turnover leapt 30% to HK1.2bn.

Kingway, based in Guangdong, is controlled by a state-run conglomerate in the Chinese province. Heineken holds an indirect 21.44% interest in Kingway through Heineken-APB (China), a joint venture between Asia Pacific Breweries and Asia Pacific Investment, a holding company jointly owned by the Dutch brewing giant and Singapore-based conglomerate Fraser and Neave.

Sectors: Beer & cider

Companies: Heineken

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