Bubbling Profits For AB InBev Despite Bud Light Boycott

AB InBev got caught in the US culture wars in 2023 after it teamed up with a transgender influencer to promote Bud Light, which sparked a boycott by conservative figures. (Credit: AFP)

The world's largest brewer AB InBev on Wednesday toasted a jump in profits in the first quarter, despite a drop in beer sales driven by a Bud Light boycott in the United States.

The Belgian-Brazilian group, which includes the Budweiser, Stella Artois and Corona brands, said net profits were up 15.2 percent to reach $1.51 billion thanks to higher prices.