Carlsberg posts 16.9% revenue growth for 2022, plans to buy out partner in India

Danish brewer Carlsberg has reported revenue growth of 16.9% in its full-year results and said that its revenue per litre of beer sold grew 9% in 2022.

Meanwhile, the brewer saw organic operating profit growth of 12.2%, with Asia and the recovery of the on-trade in Western Europe being the main contributors. However, Carlsberg warned that increased prices this year may have an impact on beer consumption in some of its markets, especially Europe.

CEO Cees ’t Hart said: “The high earnings and very strong cash generation were achieved despite many challenges, including the war in Ukraine, rising energy and commodity prices, and the impact of the pandemic, particularly in Asia”.

He continued: “2023 will be another challenging year, but the strategic, organisational and financial health of our company is strong, and we are confident that our purpose-led and performance-driven culture will drive continued sustainable long-term value creation”.

The company also announced that it is buying out its partner in India and Nepal, expecting to purchase the roughly 33% shareholding for $744 million.

Meanwhile, the brewer expects to have found a buyer for its business in Russia and signed an agreement by June, according to Reuters. However, the company is seeking an option to buy back the business in the future.

“We are exiting Russia for now, but we don’t exclude the option…of coming back,” said Hart, who is cited by Reuters. “I can’t see us coming back in the first ten years, and many things will need to change before we would consider going back to Russia.”