Asante holding SABMiller profits on emerging market growth

SABMiller saw net profits increase by 10% in the opening half of the year, driven by strong growth in emerging markets.

Jonathan Asante
Jonathan Asante

The company reports that first-half earnings before interest, taxes and amortization (EBITA) hit $2.7 billion (£1.7 billion), rising from the £2.47 billion recorded one year before. Group revenue also advanced 10% to $15.69 billion from £14.23 billion.

SABMiller is held by Anthony Nutt’s £2 billion Jupiter Income, Jonathan Asante’s £1.95 billion First State Global Emerging Markets Leaders and Thorsten Winkelmann’s £1.22 billion Allianz RCM Europe Equity Growth funds.

The Anglo-South African brewer’s financial results for the six months to September 30 show EBITA from the firm’s Asian operations rose by 29% thanks to higher profits in China. In Africa, earnings were up 23% and they increased by 16% in Latin America. However, EBITA dropped by 6% in both Europe and North America.

The company’s share price was down 1.75% to 2,192.5p at 1049 GMT.

In September, SABMiller agreed a deal for Australian group Foster’s for Aus$9.9 billion (£6.37 billion). The deal is expected to be completed by the end of the year.

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