Tsingtao Brewery Co., China‘s second-largest brewer by volume, said Monday its profit for the first half of the year climbed 29.74 percent year on year as sales of its high-end beers surged.
Net profit totaled 830 million yuan (122 million U.S. dollars) in the first six months as sales increased 9.3 percent to 9.81 billion yuan.
Earnings per share rose to 0.614 yuan, up 25.56 percent from a year earlier, the brewer said in a statement filed with the Shanghai Stock Exchange.
The company attributed the profit growth to strong demand for its high-end beer and saw a rise of 26.7 percent in sales of the high-end beer from January to June.
The brewer said it would increase production and continue to implement its current marketing strategy in the second half to snare a larger market share.
The company will also “actively look for” merger and acquisition opportunities in the second half to expand its presence in the beer market, the statement said.
The company’s A-shares dropped 0.03 percent to open at 35.81 yuan per share Monday.