JSE-listed SABMiller has had a strong year and increased momentum in the second half across all its regions, notwithstanding economic volatility and the potential distraction of the takeover offer from multinational brewing and beverage company AB InBev, says SABMiller CEO Alan Clark.

“Our results reflect our strategy to expand the beer category and to grow and ‘premiumise’ our diverse brand portfolios,” he asserted on Thursday in a trading update for the 12 months ended March 31.

Group net present value (NPR) for the full year grew by 5% with volume growth of 2% and price and mix realisation of 3%.

“Our subsidiaries achieved excellent NPR and volume growth of 8% and 5% respectively in the full year, while we have seen a relatively weaker performance in our associates and joint ventures,” noted Clark.

The company reported lager volumes growth of 1% for the full year, with Clark adding that SABMiller had seen increasing momentum in lager volumes over the year, recording 3% growth in the second half and fourth quarter. Subsidiary lager volumes grew by 6% in the second half of the year.

“[On a subsidiary basis] for the full year, premium lager brand volumes grew by 6%, with good performances across many of our key markets, supported by global lager brands volume growth of 9%,” Clark stated.

Soft drinks volumes also grew, increasing by 6% for the full year and fourth quarter; however, growth in Africa was offset somewhat by a more subdued performance in Latin America.

On a reported basis, SABMiller’s group NPR declined by 5% for the quarter and 8% for the full year, owing to “the adverse translational impact on our results of the depreciation of our key operating currencies against the US dollar”, explained Clark.

In Latin America, group NPR grew by 8%, underpinned by strong growth in Colombia, with a beverage volume growth of 5% supported by selective price increases and a favourable brand mix.

Africa delivered group NPR growth of 11%, with beverage volume growth of 6% supported by SABMiller’s affordability strategy and selective pricing.

However, in Asia Pacific, group NPR only grew by 3%, with the beverage volume decline of 1% offset by the 4% growth of group NPR per hectolitre.

Group NPR grew 2% and beverage volumes were in line with the prior year, in Europe, with a 1% decline in lager volumes offset by soft drinks volumes improving by 2%.

North America group NPR was in line with the prior financial year, with beverage volumes down 1%.