Strong Asia sales help drive 11.6% organic revenue growth for Carlsberg in Q3

Carlsberg has posted organic revenue growth of 11.6% for its third quarter, after it was boosted by strong demand in Asia, where volumes were up 9.9% on a like-for-like basis.

The brewer says that its international premium brands saw mixed volume development, partly due to lower volumes in Ukraine. While Carlsberg’s alcohol-free brews witnessed a 5% decline in Q3, excluding Ukraine they grew 6%.

Asia, Central & Eastern Europe and Western Europe were among the markets that delivered the strongest organic revenue growth for Carlsberg in the quarter – 19.3%, 14.7% and 5.7%, respectively.

Meanwhile, reported revenue – which includes the impact of acquisitions and currency – grew by 13.9% to DKK 20.2 billion (approx. $2.7 billion). On a reported basis, the company’s beer volumes grew by 2.7% in Q3, and non-beer volumes by 5.6%.

Carlsberg CEO Cees ’t Hart said: “We’re satisfied with our performance in Q3 with strong volume growth in Asia and many European markets, which along with a strong price/mix development, led to revenue growth of 11.6%. Our earnings upgrade and the increase in the next quarterly share buy-back are proof points of the resilience of our brands and the strength and agility of our business.”

“Looking ahead, the business environment remains challenging, with an uncertain macro situation, very high inflation and weakening consumer sentiment. We will address these challenges and the need for price increases by leveraging our strong commercial programmes, well-embedded performance management systems, tools and capabilities, while not losing sight of our long-term Sail’27 priorities and ambitions.”