AB InBev has reported a 4% increase in revenue, which is against analyst expectations of a 4% loss.
The world’s largest brewer said on Thursday that it had experienced a jump in sales over the third quarter, however, profits had dipped.
Costs of packaging, cans and bottles, as opposed to the cheaper costs of kegs delivered to pubs, has driven up costs for the brewer.
Beer and soft drink volumes grew by 1.9% in the third quarter, following a 17% drop in the previous quarter. Combined revenues of the group’s global brands, Budweiser, Stella Artois and Corona, increased by 6.8% globally and by 8.1% outside of their respective home markets.
“Our third-quarter results reflect our fundamental strengths as the world’s leading brewer and the resilience of the global beer category. We delivered a strong and balanced top-line performance by quickly adapting to meet the evolving needs of our customers and our consumers. In an ongoing volatile and uncertain environment, we remain focused on being part of the solution by prioritizing the health and well-being of our people, communities and customers,” said Carlos Brito, chief executive of the group.
AB InBev has scrapped its interim dividend due to the “uncertainty and volatility” amid the pandemic.