On August 1st, GLHBeer (01876.HK) announced that its total sales volume in the first half of 2024 reached 46.6 million hectoliters of beer, a decrease of 6.2% year-on-year, due to the slowdown in the Chinese industry performance but partially offset by strong performance in South Korea and India. In the first half of 2024, normalised profit before tax, interest, depreciation and amortisation was $1.1 billion, a decrease of 1.0% year-on-year, normalised profit margin before tax, interest, depreciation and amortisation increased by 109 basis points to 32.4% due to revenue management measures and cost efficiency driving gross margin expansion.
In the first half of 2024, revenue was $3.399 billion, a decrease of 4.3% year-on-year, and a decrease of 7.3% based on the reporting benchmark. In the first half of 2024, revenue per 100 liters increased by 2.0%, mainly driven by revenue management measures in the eastern Asia-Pacific region. The equity holders of BUD APAC had a normalized surplus of $0.552 billion in the first half of 2024, down from $0.579 billion in the first half of 2023. The equity holders of BUD APAC had a surplus of $0.541 billion in the first half of 2024, down from $0.575 billion in the first half of 2023.
CEO and Co-Chairman Yang Ke said: "Although our performance in the first half of 2024 was negatively affected by the slowdown in the China industry, the strong growth in our regional layout in South Korea and India significantly offset our performance in China, resulting in the pre-tax depreciation and amortization profit being flat compared to the first half of 2023 and the pre-tax depreciation and amortization profit margin expanding. Looking ahead to the second half of the year, we will continue to focus on executing our global strategy, and continue to invest in our brands and capabilities to drive long-term growth."
