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Czech brewer Budvar increases net profit amid pandemic

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On this file picture taken Monday, March 11, 2019, a truck drives previous instances of beer on the Budejovicky Budvar brewery in Ceske Budejovice, Czech Republic. Budvar, the Czech brewer that has been in an extended authorized dispute with U.S. large Anheuser-Busch over use of the “Budweiser” model, elevated its web revenue by virtually 10% final 12 months amid file output because the pandemic noticed folks drink much less in bars and extra at dwelling. Budejovicky Budvar NP, a 125-year-old state-owned brewery, mentioned Monday July 12, 2021, its web revenue reached 305 million crowns ($14 million) in 2020. (AP Photograph/Petr David Josek, FILE)

PRAGUE (AP) — Budvar, the Czech brewer that has been in an extended authorized dispute with U.S. firm Anheuser-Busch over use of the “Budweiser” model, elevated its web revenue by virtually 10% final 12 months amid file output because the pandemic noticed folks drink much less in bars and extra at dwelling.

Budejovicky Budvar NP, a 125-year-old state-owned brewery, mentioned Monday its web revenue reached 305 million koruna ($14 million) in 2020. Its output rose 3.1% to a file of 1.73 million hectoliters (45.7 million gallons) final 12 months.

Demand for its beer in tanks and barrels declined final 12 months as bars and eating places had been closed for a very long time, however Budvar was capable of meet rising demand for bottled beer.

The brewer has been increasing lately to have the ability to produce greater than 2 billion hectoliters (52.8 billion gallons) of beer a 12 months. That funding made it doable to react to adjustments on the markets amid the coronavirus pandemic.

Budvar sells its beer in round 80 international locations and Germany, one among its key markets, grew significantly strongly in 2020. Revenues additionally hit a file final 12 months, rising 0.4% to 2.81 billion koruna ($129 million).

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https://www.marketbeat.com/articles/czech-brewer-budvar-increases-net-profit-amid-pandemic-2021-07-12/?utm_source=AppleNews&utm_medium=AppleNews&utm_campaign=AppleNews

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