Britain-based brewer SABMiller said Thursday that annual net profits jumped 22.6 percent as the group benefited from its strong brands and broad global footprint across emerging markets.
SABMiller, which makes Coors Light, Miller Lite and Pilsner Urquell beers, said net profit climbed to 2.02 billion dollars (1.3 billion euros) in the 12 months to March.
"This has been another year of strong growth for the group," SABMiller said in a results statement.
"The economic outlook across our global footprint, which is biased towards growth markets in developing countries, remains positive and we will continue to benefit from the strength of our brands, operational capability and investment for growth."
Investors welcomed the results, sending SABMiller's share price up 4.16 percent to 1,253 pence on London's FTSE 100 leading shares index, which was up 0.41 percent at 6,241.60 points in early afternoon trade.
Broker Credit Suisse said it believed the high growth emerging market exposure of SABMiller made it one of the best stocks in the brewing sector.
SABMiller has rapidly expanded its global base in recent years, snapping up assets in Asia, Central and South America and Europe.
It bought Dutch peer Royal Grolsch for 816 million euros in 2007.
SABMiller said pre-tax profit rallied 15 percent to 3.64 billion dollars, beating market expectations for 3.54 billion dollars.
Revenue rose 15 percent to 21.41 billion dollars.
"This strong outturn to the year is particularly pleasing given the scale of the challenge we faced at its outset, with exceptional prior year comparatives, rising input costs and an increasingly competitive environment in many of our markets," SABMiller chairman Meyer Kahn said in the statement.
Chief executive Graham Mackay, speaking to reporters after publication of the results, said input costs increased six percent over the year, with raw materials -- including barley and malt -- rising by around nine percent.
However, the group managed to more than recover the higher costs by increasing the prices of its drinks, he added.
Mackay said SABMiller forecast cost increases of "a few percentage points higher" in the current year to March 2009.
Meanwhile, the group fared well in the United States, despite the uncertain economic climate following the collapse of the US subprime or high-risk home loan market.
"Beer in the United States is an affordable everyday luxury and it hasn't been too dramatically affected so far," Mackay said.
SABMiller has operations and distribution agreements in more than 60 countries across six continents.
The group was founded in Johannesburg in 1895 and dominates the South African beer market with brands including Castle Lager. It was known formerly as South African Breweries until it bought the Miller brand in 2002.
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