Anheuser-Busch InBev, the world’s largest distillery, reported higher-than-expected first-quarter earnings on Thursday. The company revealed that revenues were driven upward as consumers continued purchasing beers despite a surge in prices.
Currently the supplier of a quarter of all beers drunk globally, the Belgium-based distillery beer sales rose by 0.4% over the first three months of the year. Core profit rose by 13.6% from the previous quarter to $4.76 billion, thereby beating estimates of 5.6% as stipulated in a company-compiled poll.
The company’s rise in profit falls in line with an industry-wide trend, with rivals such as Heineken and Carlsberg also reporting strong results as consumers appeared to be willing to continue consuming beer from the companies despite rising prices.
With brands including Budweiser, Stella Artois and Corona, AB InBev reiterated that its 2023 core profit is expected to grow in line with its medium term outlook of between 4% and 8%.