Skip to Content
Global News Select

AB InBev 1Q Profit Fell on $1.1 Billion Russian JV Impairment

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)

Copyright (c) 2022 Dow Jones & Company, Inc.