Czech brewer Budvar’s net profit up 46.3% in 2023 as it recovers from loss of the Russian market

PRAGUE (AP) — The Czech brewer Budvar, which has been embroiled in a long legal dispute with U.S. beer giant Anheuser-Busch over the use of the Budweiser brand, says it increased its net profit, output and exports in 2023. Budejovicky Budvar NP said its net profit jumped 46.3% last year to 293.8 million Czech crowns ($12.6 million). It attributed the result to successful development of its markets at home and abroad, which helped compensate for the loss of the Russian market. Budvar halted exports to Russia and Belarus following Russia’s invasion of Ukraine in February 2022. Budvar says it exported 72% of its 2023 output, with exports increasing by 4.6%. The company sells beer in some 70 countries.