QINGDAO – Tsingtao Brewery Co Ltd, China’s major brewery and producer of Tsingtao Beer, saw net profit rise 30.2 percent year-on-year to 1.85 billion yuan ($2.6 billion) in 2019, the company announced on Sunday.

Ranking as the fifth-largest beer producer in the world, Tsingtao Brewery sold 8.05 million kiloliters of beer in 2019 and its operating revenue reached 27.98 billion yuan, up 5.3 percent year-on-year.

Its century-old brand is valued at 163.77 billion yuan last year, securing the first place among China’s beer brands.

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