Brazil: Ambev’s 2022 net profit up 35.7%

Ambev SA said on March 2 it expects the cost of goods sold per hectolitre at its beer business in Brazil to rise by 6% to 9.9% in 2023, citing inflation levels and higher commodities prices.

Nonetheless, that would represent a slowdown from 2022, when the company - a subsidiary of Belgium's Anheuser-Busch InBev SA - reported a 22% jump in costs on a yearly basis.

The announcement came as the Brazilian brewer reported a fourth quarter net profit of 5.08 billion reais ($980.81 million), up 35.7% from a year earlier and above an estimated 4.22 billion from analysts polled by Refinitiv.

Net revenue rose 3.1% in the period to 22.69 billion reais, driven by a 1.5% increase in volumes sold, according to a securities filing.

Chief executive Jean Jereissati said 2022 overall was a "solid year" for Ambev, mentioning a "double-digit growth both in net revenue and EBITDA (earnings before interest, taxes, depreciation and amortization), boosted by continued momentum in Brazil".

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