Strong beer sales in Brazil and people switching to more expensive brands has helped AB InBev post strong third quarter results.

Sales volumes at the world’s largest brewer, grew by 3.4% in the quarter compared to the same period last year, with some analysts predicting a decline.

Michel Doukeris, CEO, said: “During the third quarter, we delivered top- and bottom-line growth versus both 2020 and pre-pandemic levels of 2019 driven by relentless execution, investment in our brands and accelerated digital transformation. 

“As a result of our performance and our continued momentum we are raising the bottom-end of our EBITDA guidance.”

Overall turnover for the quarter was up 7.9% with results also aided by more revenue per customer as sales of more expensive ‘premium’ beers such as Stella Artois and Goose Island.

Sales in Brazil rose by 15.3% as consumers drank more and purchased higher-priced beers. Revenue and profits were also higher in Colombia and South Africa, reflecting easing of Covid-19 restrictions, and in Europe, as vaccination rates increased.

The brewer has also been pushing the ready-to-drink canned beverage segment with rising demand for hard seltzer and canned cocktails.