Budweiser Brewing Co APAC Ltd reports strong growth for 2023, with big boosts in China and India.

Budweiser Brewing Company APAC Limited (Bud APAC), one of the largest beer companies in Asia, has reported strong financial results for the fiscal year ended 31 December 2023, with significant growth across the Asia-Pacific region, especially in China and India.

The company’s filings with the Hong Kong Stock Exchange show that its revenue rose by 11.1% to about US$6.86 billion last year, while normalised EBITDA increased by 10.8% to approximately US2 billion.

Volume also saw significant increase by 4.6%, with notable performances in the premium and super-premium beer segments. This growth was primarily attributed to Bud APAC’s “premiumization” strategy, and its success in outperforming the market in key regions. This positioning strategy has enabled the company to capitalise on the growing consumer demand for premium and super-premium beer segments, leading to impressive financial results.

In China, volumes grew by 4.3%, supported by channel recovery and ongoing premiumization. The company’s premium and super premium revenues both grew by double-digits, leading to double-digit top- and bottom-line growth and an expanded EBITDA margin in FY23.

“We outperformed the industry according to our estimates, driving market share gains across China, including in Guangdong and Fujian province,” said Jan Craps, CEO and Co-Chair of Bud APAC.

In India, the company continued to outperform the industry, with the combined revenue of premium and super premium portfolios growing by double-digits, leading to strong double digit growth in overall revenue in FY23.

Although volumes declined by 2.1% in Q4, Bud APAC’s revenue and revenue per hl grew by 8.9% and 11.2%, respectively, supported by continued premiumization in China and revenue management initiatives in East Asia.