* H1 adjusted pretax profit $2.76 bln, up 12 percent
* Revenue $17.5 bln, up 11 percent
* Shares up 5.4 percent
By Rhys Jones
LONDON, Nov 22 SABMiller, the world's
second-biggest brewer, met expectations with a 12 percent rise
in first-half profit, and said strong growth in Africa and Latin
America should continue during its second half.
Robust demand in emerging markets, which account for around
two thirds of group sales, has helped offset the impact of tough
economic conditions in Europe and the United States, executive
chairman Graham Mackay also said on Thursday.
"A lot of eastern Europe is struggling, especially the Czech
Republic and Poland, while consumer sentiment is not really
positive in Australia either," he told reporters.
The maker of Grolsch, Miller Lite and Peroni said adjusted
pretax profit rose to $2.76 billion in the six months to
September on sales up 11 percent to $17.5 billion, helped by its
acquisition of Australian brewer Foster's.
SABMiller, which last year spent $11.8 billion on Foster's,
said it had contributed significantly to the rise in sales.
"On balance the main emerging markets in which SAB operates
remain strong," said Jefferies analyst Dirk Van Vlaanderen who
expects the company to maintain its growth in 2013.
Shares in SABMiller, which has expanded rapidly over the
past two decades from its South African roots, were up 5.4
percent up at 2,775 pence by 0940 GMT, valuing the group at 44
billion pounds ($70 billion).
Anheuser-Busch InBev, the world's largest brewer,
and Dutch group Heineken last month also reported
strong emerging market sales and said volumes in Europe were
falling, hit by a challenging economic environment.
SABMiller, which also makes Aguila, Castle, Pilsner Urquell
and Snow beers, said the positive impact from acquisitions and
business combinations seen in the first half could reduce next
The company, which raised its interim dividend 12 percent to
24 cents, said total volumes were up 9 percent during the period
with beer volumes, excluding acquisitions and disposals, up 4
percent. Soft drinks volumes rose 6 percent.