China Resources Beer's (0291) interim net profit jumped 23 percent year-on-year to a record high of 5.79 billion yuan (HK$6.31 billion), thanks to the continuous development of the beer business’s premiumization strategy and savings in raw material procurement costs.
The beer giant declared an interim dividend of 46.4 fens, a growth of 24.4 percent.
Revenue inched up 0.8 percent to 23.9 billion yuan, according to an exchange filing.
The company's gross profit margin also increased by 2 percentage points and reached a record high of 48.9 percent.
The beer business's turnover rose 2.6 percent to 23.2 billion yuan, while that of sales volume also recorded a 2.2 percent increase.
Its sales volume of affordable premium beer segment and above grew over 10 percent, driving its average selling price up by 0.4 percent, the company said.
However, turnover from its baijiu business dropped 33.9 percent to 781 million yuan, due to industry-wide restructuring, though the segment's gross profit margin was still stable.
Its online and instant retail businesses posted nearly 40 percent and 50 percent growth in gross merchandise volume respectively, as it established strategic partnerships with platforms such as Alibaba (9988), Meituan Flash Buy, JD.com (9618), Ele.me and Waima Songjiu, the firm said.
HELEN ZHONG
