China: Tsingtao Brewery’s full-year net profit increases 17%

Tsingtao Brewery Co. posted a 17% increase in its full-year net profit, supported by an improvement in its product mix and digital marketing efforts, the Market Watch reported on March 22.

Net profit for the year rose to 3.80 billion yuan ($552.3 million) from CNY3.26 billion a year earlier, the company said late on March 22 after market close.

Revenue was at CNY32.17 billion, up 6.6% from a year earlier.

The board proposed a cash dividend of CNY1.30 per share and a special dividend of CNY0.50 per share, tax included.

"The company will boost confidence and take firm action to strengthen its beer sales in the face of challenging obstacles, including cutthroat competition and rising prices of malting barley in 2023," it said.