UK: SABMiller sees sluggish Q3 amidst challenges
SABMiller has seen its third quarter sales slow, reporting a slip in South African beer volumes as well as sluggish volumes in markets such as Latin America, Europe and China.
The brewer said today (17 January) that third-quarter beer volumes rose only 4%, compared to an 11% rise during its first half and a 13% increase in its first quarter.
Underlying beer volumes for SABMiller's financial year to date rose by 9%, with South Africa sliding by 0.4% due to increased competition and supply chain challenges during the introduction of new brand packaging in the country.
Latin America and Europe both saw third-quarter volumes rise 4%, while Colombia witnessed a volume growth of just 2% owing to "difficult trading conditions and bad weather".
Beer volumes in Africa and Asia lifted 8% for the quarter, while North America saw Q3 sales rise 1.5%.
The group said that its financial performance is in line with its expectations, with results in US dollars being "positively affected by the stronger Colombian peso, South African rand and certain European currencies".
Beer price rises managed to offset the continued rise in raw material costs, while exchange rates against the weak dollar had a positive effect on revenue, the brewer added.
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