AB InBev 1Q Profit Fell on $1.1 Billion Russian JV Impairment
05 Mai 2022 - 7:54AM
Dow Jones News
By Jaime Llinares Taboada
Anheuser-Busch InBev SA on Thursday reported a fall in net
profit for the first quarter of 2022, although its underlying
earnings and revenue grew.
The world's largest brewer--which houses the Stella Artois and
Budweiser brands among its portfolio--made a net profit of $95
million in the first quarter, down from $595 million a year
earlier.
The drop was driven by a non-cash impairment of $1.14 billion
related to its decision to exit the AB InBev Efes joint venture in
Russia.
However, underlying performance improved in the first quarter,
with revenue rising 11% to $13.24 billion and normalized earnings
before interest, tax, depreciation and amortization up 7.4% at
$4.49 billion.
Looking forward, AB InBev said it expects 2022 earnings before
interest, taxes, depreciation, and amortization to rise in line
with its medium-term outlook of between 4% and 8%, with revenue
growing at a faster rate.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 05, 2022 01:39 ET (05:39 GMT)
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