By Tsingtao Brewery, a leading beer producer, has announced a remarkable increase in net profit during the first half of the year. This growth can be attributed to higher beer sales and effective cost management.
Impressive Financial Results
According to the company’s statement on Monday, net profit for the first half reached 3.43 billion yuan ($470.5 million), reflecting a 20.1% rise compared to the same period last year. Revenue also experienced a significant increase, reaching CNY21.59 billion, up from CNY19.27 billion.
Mainland China and Hong Kong Leading the Way
The majority of Tsingtao Brewery’s revenue was generated from mainland China, with Hong Kong coming in as the second-largest contributor. As a company primarily focused on beer production and distribution, Tsingtao has witnessed a surge in consumption after the removal of Covid-19 restrictions in China.
Strong Sales Performance
The company reported a cumulative product sales volume of 5.023 million kiloliters during the first half of the year. This represents a 6.5% increase compared to the previous year. After excluding non-recurring items, Tsingtao Brewery’s profit surged by an impressive 24.6% to reach CNY3.23 billion.
With these outstanding financial results, Tsingtao Brewery is poised for continued success in the beer industry.
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