SABMiller has reported a 9% fall in annual profits to $US2.96 billion, despite putting up the prices of its beers.
The brewer has raised its prices in response to rising commodity costs.
SABMiller brands include Peroni, Grolsch, Pilsner Urquell and Miller Lite.
Profit for the year to the end of March were of $US2.96 billion - down from last year's profit of $US3.26 billion. Global sales increased 5% to $US25.3 billion.
Chairman Meyer Khan said the group delivered "robust results in the face of multiple challenges".