Ambev 4Q Profit Rose Vs Year Earlier on Higher Sales Volumes

By Jeffrey T. Lewis

SAO PAULO--Ambev SA said Thursday its profit increased in the fourth quarter as sales volumes in its home market of Brazil increased.

The Sao Paulo-based beer brewer's net income rose to 5.1 billion reais, equivalent to $985 million, from BRL3.7 billion a year earlier. Adjusted net income, which excludes one-time items, increased to BRL5.3 billion from BRL3.9 billion, and net revenue reached BRL22.7 billion from BRL22.0 billion in the year-earlier period.

The volume of sales rose to 52.2 million hectoliters from 51.4 million a year earlier, Ambev said. Beer sales in Brazil increased to 26.6 million hectoliters from 25.6 million hectoliters in the year-earlier period.

Ambev is controlled by Anheuser-Busch InBev SA, the world's biggest beer producer, and brews and markets brands including Budweiser, Brahma and Corona. Brazil is Ambev's biggest market, but the company also operates in other countries in the Americas including Canada, Argentina and Chile.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

03-02-23 0632ET