AB InBev on Thursday reported a 15% decline in profit for the full year 2018, to $6.8bn. The brewing giant put the blame on consumption contraction in key markets – Brazil, Argentina, United States and South Africa as well as hedging losses linked to its share-based payment programs.

The company said that total beer volumes fell by 7.43%, although combined revenues of its three global beer brands – Budweiser, Stella Artois and Corona grew by 9%.

Full year revenue declined by 3% to $54.6bn from $56.4bn in 2017.