AB InBev is forecasting that its profits will increase this year, in line with its medium-term growth range after ending 2021 with stronger-than-expected results.
The world’s largest brewer sees EBITDA rising by between 4% and 8% in 2022, with revenue expanding by a higher percentage. The maker of Budweiser and Stella Artois said this forecast was based on a combination of both higher volumes and prices, noting that it also reflected its current view of the pandemic.
Unlike rivals Heineken and Carlsberg, which warned earlier this month that spiralling price hikes could curb beer consumption, AB InBev’s outlook did not mention global inflation or increased input costs.
The Belgium-based brewer saw its total revenue in the fourth increase 12.1%, with own beer volumes up by 3.4% and non-beer volumes grow by 3.8%. Full-year revenues grew 15.6% to $54.3bn after own beer volumes rose 9.7% and non-beer volumes increased 8.7%.
Meanwhile, there was a 5% like-for-like increase in fourth-quarter EBITDA after it sold more beer and at higher prices. For 2021 as a whole, EBITDA was up 11.8%, at the top end of the company’s previous outlook of 10-12%.
CEO Michel Doukeris described the year as “an important step in our journey to create a future with more cheers.”
He added: “Relentless execution of our strategy drove continued momentum to deliver over 15% top-line growth, EBITDA at the top-end of our outlook and another year of strong cash flow generation.”
