Despite reporting a strong third quarter ended December 31, 2015, beer and soft drinks company SABMiller’s results were materially impacted by the significant depreciation of its key operating currencies against the US dollar.

Group net producer revenue (NPR) growth was held back by “headwinds in our associates’ and joint ventures’ major markets and continued industry trends in the US”, said SABMiller CEO Alan Clark in a statement on Thursday.

“. . . but the underlying performance we are reporting today reflects the strength of our business and the dedication of our people,” he averred.

Group NPR for the third quarter grew by 7%, based on volume growth of 4% and a price and mix realisation of 3%, with the majority of the company’s subsidiary businesses achieving strong growth.

The company highlighted that Africa performed well across the board, with group NPR in South Africa growing by 16% and 18% with regard to the company’s African subsidiaries.

In Latin America, growth was led by Colombia, while the Asia Pacific region benefited from volume and NPR growth in Australia. Europe had a stronger quarter, with all SABMiller’s subsidiaries experiencing growth.

Lager volume growth accelerated during SABMiller’s financial year to 3% in the quarter, underpinned by growth of 7% in Latin America and 6% from the company’s subsidiary businesses in Africa.

“Subsidiary beverage and lager volumes grew by 8% and 6% respectively, building on the momentum achieved in the second quarter and assisted by favourable weather conditions in some markets. This contrasts with the relatively weaker performance in our associates and joint ventures which resulted in group lager volume growth of 3% for the quarter,” explained SABMiller.
                                                                           
Premium lager brand volumes grew by 4% and volumes of the company’s global lager brands increased by 8%, both on a subsidiary basis, excluding home markets for global brands.

Soft drinks volumes grew by 8%, with double digit growth in Africa and a subdued performance in Latin America.