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Food & Beverage

Tsingtao brews up record profit on strong premium beer sales

COVID outbreak dims outlook for Chinese brewers in 2022

A mug of beer at a Tsingtao 1903 taproom. (Photo by Shin Watanabe)

DALIAN, China -- Tsingtao Brewery, China's No. 2 beer maker, reported a 43% jump in net profit to a record 3.1 billion yuan ($486 million) last year, thanks to growth in its top-end segment.

Earnings released Tuesday show a 9% rise in sales to 30.1 billion yuan. Sales of mid- and high-end Tsingtao beers grew 14% by volume as the company launched a variety of beverages with different production methods and flavor profiles. The brewer has continued this strategy in 2022 with the debut of its "Century Legend" drink.

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