China Resources Beer (Holdings) Co. announced Friday that its net profit decreased slightly in 2022 due to lower consumption during the Covid-19 pandemic.
The net profit of the company fell to 4.34 billion Yuan ($636.4m) in 2021 from CNY4.59billion, but its revenue grew to CNY35.26billion from CNY33.39billion.
Despite higher revenues, raw-material costs and packaging prices rose throughout the year. This was attributed by the liquor company to geopolitical issues as well as global supply chain disruptions.
China Resources Beer stated that it expected the beer market to rebound slowly this year as a result of lifting pandemic restrictions in China.
According to the beer company, it plans to increase its market share and brand investments by 2023.
Joy Brew, its first bistro brand, will also be launched, according to the company. It is expected that Joy Brew will open in the first quarter.