9 January 2024

The turnover of AB InBev Efes Ukraine for the first nine months of 2023 increased significantly compared to the previous year, but is far from the revenue in 2021.

AB InBev Efes Ukraine was significantly affected by the full-scale Russian invasion of Ukraine. All its factories - in Chernihiv, Kharkiv and Mykolaiv - were located near the hostilities and suffered as a result of shelling.

So in 2022, the group's production facilities in Ukraine did not operate, and the company only imported beer from other countries (even started the production of beer under Chernihivskyi brand abroad).

The revenue of AB InBev Efes Ukraine in 2022 decreased by 67% to UAH 2.3 billion, the net loss was UAH 2.1 billion.

The dynamics of revenue in recent years is shown in the following graph:

The company resumed production at the brewery in Chernihiv only at the end of 2022, in Mykolaiv - in the middle of 2023, the factory in Kharkiv remains closed as of the beginning of 2024.

According to the company's official financial statements, during the first nine months of 2023, the turnover of AB InBev Efes Ukraine more than doubled y-o-y, but given the very significant drop in 2022, most likely, the turnover will still be significantly lower than in 2021.

For comparison, the Obolon Corporation, on which the military hostilities had a much smaller impact, significantly increased its share of the Ukrainian beer market during 2022-23. Its revenue increased by 45% in 2022, and by another 30% in the first nine months of 2023.