Beer giant Anheuser-Busch InBev on Wednesday reported forecast-beating fourth quarter profits, even as a slowdown in the Chinese beer market dragged volumes down.

The Budweiser brewer reported earnings that beat analysts’ expectations, boosted by higher prices and improvements in the U.S. that offset lingering weakness in China.

The world’s biggest brewer said revenues rose 0.7% to an all-time high of 59.77 billion US dollars (£47.27 billion) in 2024.

Anheuser-Busch InBev has reported forecast-beating fourth-quarter profits and progress in cutting debts that have hung over the company for a decade, sending its shares up 8 per cent on Wednesday even as China weakness dragged on sales.

The world’s largest brewer sold less beer than analysts expected in the fourth quarter, dragged by lingering weakness in China, but said it gained market share in the U.S.