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SABMiller profits up

Wednesday, May 23, 2012 - 01:15

May 24 - Strong growth in Africa and Latin America helped global brewer SABMiller offset a fall in beer drinking in Europe and North America, as the Peroni and Grolsch beermaker beat forecasts with a 12 percent rise in full-year earnings. Joanne Nicholson reports.

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While beer drinking in Europe and North America appears to have taken a downturn, it's on the up in Africa and Latin America. And that's helped the brewing company SAB Miller beat predictions for their annual earnings. They've reported a 12 percent rise, with 70 Percent of its profits come from emerging markets. SAB Miller is the world's second biggest brewer, with brands like the Dutch Grolsch and Italian Peroni. Foster's has almost half the share of the Australian market and SAB bought them in December. From their South African roots, SAB has expanded rapidly over the past 20 years. Revenue is now at $31.4 billion, and last year's profit was 5.6 billion - a 55 percent jump from the previous year. Worries for the coming year centre around the continuing rise in the cost of raw materials, like barley, glass and aluminium. They did come under fire last month after announcing their CEO would go on to be Chairman of the firm, flouting the British Corporate Governance code. Joanne Nicholson, Reuters

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SABMiller profits up

Wednesday, May 23, 2012 - 01:15