Tsingtao Brewery posts 23% profit growth in January-September

Tsingtao Brewery Co Ltd, China's major brewery and producer of Tsingtao Beer, posted a 23.2 percent annual net profit growth in the first three quarters of 2019.

Net profit in the nine months reached 2.59 billion yuan ($367 million), the Qingdao-based company said in its quarterly financial report filed to the Shanghai Stock Exchange.

Meanwhile, its revenue increased 5.3 percent year-on-year to 24.9 billion yuan.

During the period, Tsingtao Brewery, listed both in Shanghai and Hong Kong, sold 7.2 million kiloliters of beer. Among the total, sales of its main brand Tsingtao Beer hit 3.53 million kiloliters, up 3.1 percent.

The company said it has actively explored both domestic and overseas markets and optimized product structure.

The 116-year-old Tsingtao Brewery now sells its beer to more than 100 countries, with sales jumping over 50 percent in 11 overseas markets and doubling in five markets last year.

Boosted by the steady earnings growth, shares of Tsingtao Brewery rose 2.44 percent to 49.07 yuan at 11:00 am Tuesday in Shanghai.