SABMiller has injected some much-needed confidence into the global beer industry, but demand for its beers remains patchy amid economic uncertainty in key markets.
Analysts have lauded SABMiller for bucking the trend of disappointment in the recent spate of result for big brewers. Operating profits rose in double-digits for the six months to the end of September and the Peroni brewer’s share price duly rose by nearly 5% today (18 November).
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Is this an emerging markets story? It’s true that SABMiller relies on so-called developing markets more than its rivals. But, it is important to note that SABMiller’s half-year gains have been primarily led by cost savings, lower raw materials costs and beer price increases – in North America as much as anywhere else – while global beer volumes crept up by just 1%.
In short, the group’s half-year results demonstrate that you don’t always have to sell more beer to make money.
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