China: China Resources Beer reports 59.6% net profit increase for 2020
China Resources Beer said net profit for 2020 grew by 59.6 percent to 2.09 billion yuan (HK$2.49 billion) last year, driven by premium products, the Hong Kong Standard reported on March 22.
Revenue dropped by 5.2 percent to 31.45 billion yuan from a year ago, due to the coronavirus disease pandemic in the mainland.
The company declared a final dividend of 13.1 fen per share, taking the annual dividend to 25.9 fen per share.
Beer sales volume fell by 2.9 percent last year. Thanks to the introduction of Heineken brands in 2019, sales volume of the sub-premium and premium beer segment increased by 11.1 percent to 1.46 million kilolitres. The gross profit margin grew by 1.6 percentage points.
Chief executive Hou Xiaohai said that overall average selling price dropped by 2.4 percent year-on-year, as the company began beer sales with returnable bottles in more regions of China last year. Hou expects the selling price of Snow beer to continue to rise this year.
CR Beer has closed more than 30 small breweries, including four shut down last year, Hou said. About four small breweries will be closed each year over the next three years.
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