By Jeffrey T. Lewis

SAO PAULO--Ambev said Thursday its profit rose in the first quarter, helped by increased sales of premium brands in the beer maker's home market of Brazil.

The Sao Paulo-based brewer's net income rose to 3.82 billion reais, equivalent to $765 million, from BRL3.53 billion a year earlier. Net revenue reached BRL20.53 billion from BRL18.44 billion reais in the year-earlier period.

The volume of sales fell to 44.9 million hectoliters from 45.1 million a year earlier, Ambev said. Beer sales by volume in Brazil increased to 22.2 million hectoliters from 22.0 million hectoliters in the year-earlier period, while revenue from beer sales in Brazil rose to BRL9.3 billion from BRL8.1 billion a year earlier.

Ambev is controlled by Anheuser-Busch InBev, the world's biggest beer producer, and brews and markets brands including Budweiser, Brahma and Corona. Brazil is Ambev's biggest market, but the company also operates in other countries in the Americas including Canada, Argentina and Chile.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 04, 2023 07:44 ET (11:44 GMT)

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