Asahi Group Holdings FY2024 Q1 Financial Results
- Revenue grew +5.1% YoY as revenue increased across all businesses. This is largely the result of strategic price revisions and our focus on premiumization, both of which are significant factors that contributed to the rise in unit sales prices. Also, revenue on actual currency basis grew +10.8% YoY.
- Core operating profit grew +8.4% YoY. The growth was due mainly to increased sales volume and improved mix in Japan and Europe. Core operating profit on actual currency basis also grew +12.2% YoY.
- Unit sales price for beer-type beverages and non-alcohol beer categories continued to improve +3.9% YoY in total of three regions in Japan, Europe, and Oceania.
- Total sales volume* of all five global brands grew +14% YoY. Particularly, Asahi Super Dry, a top priority of our global brand portfolio, grew +34% YoY driven mainly by sales expansion in major markets, including Asia and Europe.
- Forecast for the full year 2024 remains unchanged.
“In the first quarter of 2024, we made a strong start to the year, with revenue increases across all businesses, driven by increased unit sale prices through prudent pricing strategies and premiumization. Despite facing challenges such as escalating costs and economic volatility, we’ve managed to maintain a steady growth in both our revenue and core operating profit.
In Japan, sales in the beer category have been strong, fueled by the shift in demand following liquor tax revisions. In Europe, sales volume also increased, driven by premiumization, particularly for global brands and non-alcohol beers. Asahi Super Dry, a top priority in our global brand portfolio, saw a sales volume growth of +34% YoY outside Japan, owing to sales expansion in the major markets, including Asia and Europe. This continuous growth is boosted mainly by increasing brand awareness through global partnerships.
Going forward, we will closely monitor market changes and consumption trends, and will continue to invest in brands and innovation, as we strive to strengthen our competitive advantage and bolster our premium strategy.”