Tsingtao Brewery posts double-digit net profit growth

JINAN - Tsingtao Brewery Co Ltd, China's major brewery and producer of "Tsingtao Beer", posted a 12.6 percent year-on-year growth in net profit in 2018, the company said on March 29.

In its annual financial results filed to the Shanghai Stock Exchange, Tsingtao Brewery, listed both in Shanghai and Hong Kong, said its net profit attributable to shareholders reached 1.42 billion yuan ($211.04 million) last year.

Meanwhile, the business revenue of the company stood at 26.58 billion yuan ($3.94 billion), up about 1.13 percent year-on-year.

In 2018, it sold 8.03 million kiloliters of beer, up 0.8 percent year-on-year, with sales of its main product "Tsingtao Beer" increasing 3.97 percent to 3.91 million kiloliters and sales of high-end products increasing 5.98 percent to 1.73 million kiloliters.