The maker of Heineken, Amstel and Sol beers maintained its outlook unchanged for 2023, forecasting its operating profit to grow in the mid to high single digits.

The world’s second-biggest brewer after AB Inbev reported a net profit of €2.7 billion (US$2.9 billion) for last year, down 19% from 2021.

Revenue surged by more than 30% to almost €35 billion as the company raised prices due to higher costs while volumes returned to pre-pandemic levels, with a “sharp” rebound in the Asia-Pacific region.

“I am pleased that we delivered a strong set of results in 2022 in a continuously challenging and volatile environment,” Heineken chief executive Dolf van den Brink said in a statement.

“We delivered balanced growth as we priced responsibly, made a further step in our productivity programme and continued to invest in our brands and capabilities,” he said.

Heineken was hard hit by Covid restrictions as bars and restaurants closed, forcing the company to cut 8,000 jobs, or 10% of its workforce, as it fell into the red.

“For the coming year, the global economic outlook will remain challenging,” van den Brink said. “We will continue to invest, whilst staying disciplined on pricing and costs.”