Czech brewer Budvar’s 2022 net profit is 40% down due to Russia's war in Ukraine and high inflation
The Czech brewer Budvar, which has been embroiled in a long legal dispute with U.S. beer giant Anheuser-Busch over the use of the Budweiser brand, has registered a fall in its 2022 net profit and exports
PRAGUE (AP) — The Czech brewer Budvar, which has been embroiled in a long legal dispute with U.S. beer giant Anheuser-Busch over the use of the Budweiser brand, said Thursday that it has registered a fall in its 2022 net profit and exports.
The company said it’s due to Russia’s war in Ukraine and high inflation driven by soaring energy prices.
Budejovicky Budvar NP, a 127-year-old state-owned brewery, said its net profit in 2022 reached almost 201 million Czech crowns ($9.3 million) — more than 40% down from the previous year.
Exports were down by 4%, said the company, which sells its beer in some 70 countries. Budvar halted exports to Russia and Belarus following Russia’s full-scale invasion of Ukraine, which started in February last year.
