Russia is one of the world's fastest-growing beer markets. Consumption has risen so much that its deputy minister of health warned in January that the government would clamp down on sales if the trend continued.
Baltika expects to report net profits of around $80m (£55.4m) this year, up from $48.2m (£33.4m) in 1999. Beer sales last year rose 49% to $320m (£221.6m).
Baltika is the strongest player, with 20% to 25% of the market.
However, it cannot afford to relax, with the entry of several international groups into the Russian beer market, such as South African Breweries with Zolotaya Bochka and Sun Interbrew with Tolstyak.