CR Beer cheers as profit soars 106% to US$660.7m

This rose from RMB2.07b, approximately US$318.7m, in the first half of 2020.

China Resources Beer (Holdings) Company recorded a profit worth RMB 4.29b (US$660.7m) in the first half of the year, representing a 106.4% growth compared to the same period last year.

The group attributed the increase to the initial compensation gain on the transfer of the land owned by the group, amounting to RMB1.75b (US$269.5m).

The group also saw an increase in sales volumes as well as the average selling price of its products.

The consolidated turnover of CR Beer climbed 12.8% year-on-year (YoY) to RMB19.63b (US$3.02b); whilst the overall beer sales volume rose 4.9% YoY to 6.33 million kilolitres.

Of this, sub-premium beer accounted for 1 million kilolitres, an increase of 50.9%.

Moreover, the overall average selling price of its products increased by 7.5% YoY, offsetting the impact of increases in average costs of sales driven by price hikes in raw materials and packaging materials.

The group continued to build and promote its brand portfolio by launching a number of new brands in the first half of 2021.

This includes the super-premium product, “Li”; the premium product, “Löwen Fruit Beer”; the carbonated beverage, “Snow Xiao Pi Qi”; and the international brand, “Amstel.”

The board of directors has declared an interim dividend of RMB0.264 (US$0.040) per share.