By Yi Wei Wong


Budweiser Brewing Co. APAC Ltd.'s net profit fell in 2022 due to lower revenue and Covid-related headwinds.

Full-year net profit fell to $913 million compared with $950 million a year earlier, the company said Thursday.

The alcohol distributor said revenue fell to $6.48 billion in 2022, compared with $6.79 billion, mostly due to widespread lockdowns in China, its largest market.

Following the easing of Covid-19 restrictions in China, Budweiser Brewing said it is optimistic about making a recovery in 2023 after a transitional first quarter.


Write to Yi Wei Wong at yiwei.wong@wsj.com


(END) Dow Jones Newswires

03-01-23 1927ET