- Full-year net profits jump by 28% to SGD456.8m (US$354m)
- Operating profits follow suit, rising by 23.8% to SGD583.5m
- Sales in the year increase by 18.4% to SGD2.97bn
- Vietnam, Papua New Guinea, Sri Lanka sales drive FY
Asia Pacific Breweries has highlighted healthy sales in Vietnam, Papua New Guinea and Sri Lanka as driving its full-year.
//i2.aroq.com/1/apb.jpgThe company, which is jointly-owned by Fraser & Neave and Heineken, said today (10 November) that net profits for the year to the end of September came in 28% up on the previous year, at SGD456.8m (US$354.4m). Operating profits increased by 24% to SGD583.5m, as sales rose by 18.4% to just under SGD3bn.
APB saw its bottom line boosted by SGD36.8m, following the sale of its stake in China's Kingway Brewery earlier this year.
"Our double-digit revenue growth was mainly due to robust sales in markets such as Vietnam, Papua New Guinea and Sri Lanka," said APB's CEO, Roland Pirmez. "Sales volumes from Indonesia, New Caledonia and the newly-acquired brewery in Solomon Islands also contributed to the improved revenue.”
The company used its results announcement to confirm that it will up the production capacity at its recently-opened brewery in the southern Chinese city of Guangzhou. Expansion, set to complete by the end of March, has been commissioned in order to "cater to demand for Heineken and Tiger beers in China".
Looking forward, the brewer warned that rising inflation in its main markets, compounded by "recent economic uncertainties", may dampen consumer demand. The ongoing strengthening of the Singapore dollar against regional currencies, particularly the Vietnamese Dong, will continue to "adversely affect the reported financial results of the group", APB concluded.
For the company's official statement, click here.
Sectors: Beer & cider, Company results
Companies: Heineken
