Higher costs push Duvel profits down

Belgian brewery group Duvel Moortgat posted record sales in 2022, but saw profits fall due to rising costs for energy and raw materials. Inflation will continue to affect the brewer in the coming years.

Higher production costs

Last year, Duvel Moortgat realised a turnover growth of 15.3 % to 582.9 million euros, the highest turnover in the company’s history. The strong growth is due to price increases and a favourable dollar exchange rate, according to the latest annual report that business newspaper De Tijd looked into.

Despite that record turnover, operating profit fell 3.7 % to 100.1 million euros. Net profit fell 2.3 % to 76.2 million euros due to rising costs for energy and raw materials – especially malt. As a result, production costs rose and while the brewer of beers like Duvel, Vedett and La Chouffe did raise the prices of its beers, it could not fully compensate for the cost increases. The company expects cost increases to continue to be felt in the coming years.