Emerging markets boost SABMiller profits

Growing sales in Latin America and Africa have boosted net profits for SABMiller to 9 per cent, the company announced on Thursday. For the six months to 30 September, the world's second largest brewer saw volume growth of one per cent on an organic base but suffered declines in Europe and North America.

Emerging markets contribute roughly 75 per cent of SABMiller sales. The maker of Peroni and Grolsch enjoyed a rise of 11 per cent in its African business, reaching $1.6bn (£1.3bn). Latin American revenues climbed by five per cent on a constant currency basis to $2.75bn (£1.6bn), while net income came in at $1.7bn (£1.1bn).

Chief executive, Alan Clark, commenting on the announcement said:

We have continued to deliver on the potential of our businesses in both developed and developing markets, with revenue and margin improvements amid mixed trading conditions.

We have improved the reach of our mainstream brands across most regions, and through initiatives such as the launch of Redd's Apple Ale in the USA, the momentum behind Castle Lite across Africa, and the increasing appeal of Peroni Nastro Azzurro from Europe to Australia, we are strengthening our premium propositions across the group and evolving our high-end brand portfolios to appeal to an ever wider range of consumers and drinking occasions.