KUALA LUMPUR (May 13): Carlsberg Brewery Malaysia Bhd (KL:CARLSBG) reported a 3.39% increase in first quarter net profit from a year earlier, thanks to higher profit in Malaysia and higher share of profit in its Sri Lankan-based associate Lion Brewery (Ceylon) PLC.

Net profit for the quarter ended March 31, 2024 (1QFY2024) was RM87.93 million or 28.76 sen per share, compared with RM85.04 million or 27.81 sen per share a year earlier, the locally-listed unit of the Danish brewer’s exchange filing on Monday showed.

Revenue for the quarter also increased by 9.93% year-on-year to RM725.76 million from RM660.2 million. Carlsberg has declared a first interim dividend of 22 sen per share for FY2024 — up one sen from the same quarter last year — payable on July 11.

Trade volumes will be “rebalanced” in the second quarter of this year, the company flagged, from the first quarter when its results were supported by a longer selling period prior to the Chinese New Year and additional trade purchases ahead of the price increase.

On a quarter-on-quarter basis, Carlsberg’s net profit came in 4.65% higher compared with RM84.02 million in 4QFY2023 driven by Chinese New Year sales, as revenue climbed 25.02% from RM580.53 million.

Commenting on its prospects, Carlsberg Malaysia managing director Stefano Clini said that the group remains mindful of the uncertain global economic outlook due to continued inflationary pressures, high interest rates impacting consumer spending and currency fluctuations.

“We will remain vigilant on cost management and cost optimisation opportunities in our supply chain, which will allow us to accelerate our investment into our brands, particularly in the premium portfolio to sustain growth and deliver value for our shareholders,” he said in a statement.

Carlsberg started raising the price of its beer products starting April this year, but details of the price increase were not revealed. The last time the company raised the prices of its beers was in 2022.

In March, Petaling Jaya Coffeeshop Association chairman Keu Kok Meng said that retailers received official notices of the price increases from Carlsberg and its rival Heineken by around 5%.

Shares in Carlsberg settled up 14 sen or 0.73% at RM19.44 on Monday, giving the group a market capitalisation of RM5.94 billion.