Strong sales fuel beer maker Tsingtao Brewery’s gains
Tsingtao Brewery, one of the leading beer makers in China, said revenue increased 13 per cent for the fist half on the back of strong sales.
Net profit edged up 0.7 per cent to 1.41 billion yuan from a year earlier.
The company continued to “consolidate and strengthen the base markets including Shandong and at the same time it also made efforts to explore other markets, which helped maintain continuous growth of sales volume and market share”, it said in an exchange filing on Friday.
Tsingtao Brewery said its beer sales grew 16 per cent year on year by volume, far higher than the 5.66 per cent growth rate of the overall domestic industry. The company has 21 per cent of the domestic market.
“Facing the slowdown of growth in the domestic beer market and intensified international competition … the company’s target of future volume growth should continue to be 2 percentage points higher than that of the domestic beer industry,” it said in the filing.