MONTREAL -- Molson Coors Beverage Co. has raised its dividend amid higher sales and profits in its latest quarter as the company benefited from the reopening of venues and an increase in premium beverages sales.

The brewer, which reports its results in U.S. dollars, hiked its quarterly dividend 12 per cent to 38 cents per share.

Molson Coors recorded a profit of US$80 million or 37 cents per diluted share in its fourth quarter, compared with a net loss of US$1.37 billion or US$6.32 per diluted share a year earlier.

Sales in the quarter ended Dec. 31 reached $2.62 billion, up from $2.29 billion in the last three months of 2020.

The company reported an underlying profit of US$176.2 million or 81 cents per diluted share in its fourth quarter, compared with US$86.6 million or 40 cents a year before.

Analysts on average had expected a profit of 86 cents per share, according to financial data firm Refinitiv.

"This year, we grew the top-line for the first time in a decade," Molson Coors president and CEO Gavin Hattersley said in a statement.

"Our two biggest brands each grew net sales and we now have a larger global above premium portfolio than ever before."