Denmark's Carlsberg reports first revenue boost since Russia exit
Danish brewer Carlsberg on Tuesday reported a 4.4 percent increase in revenue in the first quarter, boosted by higher sales of name brand beers.
In a comment, CEO Jacob Aarup-Andersen welcomed "a solid start" to the year.
"We're particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers," Aarup-Andersen said.
Revenue grew 4.4 percent compared to a year earlier, reaching 17.1 billion kroner ($2.5 billion).
Carlsberg said sales of its namesake brand grew by 15 percent, driven by China, India, Vietnam and Ukraine.
Sales of Tuborg meanwhile increased by eight percent, also driven in part by China.
While 1664 Blanc saw good growth in Western Europe, Asia, and Eastern Europe, this was offset "by lower volumes in certain export and licence markets."
The company said revenue was negatively impacted by currency effects and organically revenue grew 6.4 percent.
As permitted by the Copenhagen Stock Exchange, the Danish brewer only reports its net profit every six months.
"Performance was in line with expectations, and we maintain our full-year earnings outlook," Aarup-Andersen said.
Carlsberg expects its organic operating profit to grow by between one and five percent in 2024.
In 2023, Carlsberg reported the loss of over 40 billion kroner after Moscow took control of its Russian unit following the company's decision to sell the business and exit the country.
Carlsberg reported a two percent increase in sales volume from January to March, with a growth of 2.2 percent in Central and Eastern Europe and India, and 3.1 percent in Asia.
Premium beers drove the Danish giant's sales, which saw an eight percent increase in volumes sold, mainly in key markets in Asia such as Vietnam and China, but also in Poland, Ukraine and Serbia.
Sales of non-alcoholic drinks, particularly energy drinks, rose by two percent the first quarter.
They jumped by seven percent in Western Europe, and saw "double-digit" growth in Central and Eastern Europe, while they declined in the Middle East, according to Carlsberg.
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In a comment, CEO Jacob Aarup-Andersen welcomed "a solid start" to the year.
"We're particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers," Aarup-Andersen said.
Revenue grew 4.4 percent compared to a year earlier, reaching 17.1 billion kroner ($2.5 billion).
Carlsberg said sales of its namesake brand grew by 15 percent, driven by China, India, Vietnam and Ukraine.
Sales of Tuborg meanwhile increased by eight percent, also driven in part by China.
While 1664 Blanc saw good growth in Western Europe, Asia, and Eastern Europe, this was offset "by lower volumes in certain export and licence markets."
The company said revenue was negatively impacted by currency effects and organically revenue grew 6.4 percent.
As permitted by the Copenhagen Stock Exchange, the Danish brewer only reports its net profit every six months.
"Performance was in line with expectations, and we maintain our full-year earnings outlook," Aarup-Andersen said.
Carlsberg expects its organic operating profit to grow by between one and five percent in 2024.
In 2023, Carlsberg reported the loss of over 40 billion kroner after Moscow took control of its Russian unit following the company's decision to sell the business and exit the country.
Carlsberg reported a two percent increase in sales volume from January to March, with a growth of 2.2 percent in Central and Eastern Europe and India, and 3.1 percent in Asia.
Premium beers drove the Danish giant's sales, which saw an eight percent increase in volumes sold, mainly in key markets in Asia such as Vietnam and China, but also in Poland, Ukraine and Serbia.
Sales of non-alcoholic drinks, particularly energy drinks, rose by two percent the first quarter.
They jumped by seven percent in Western Europe, and saw "double-digit" growth in Central and Eastern Europe, while they declined in the Middle East, according to Carlsberg.
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