Heineken Q1 Revenue Rises 9.2% On Solid Demand In Europe, Maintains FY23 Guidance

  • Heineken N.V. HEINY clocked revenue growth of 9.2% in the first quarter of 2023 to €7.63 billion, driven by high demand in Europe and the Americas.
  • Demand softness across Asia Pacific and Africa, Middle East, and Eastern Europe regions hurt growth in the quarter under review, dragged by temporary volatility in Vietnam and Nigeria.
  • Beer volume declined 3% organically versus last year.  
  • The reported net profit for the first quarter was €403 million lower than €417 million a year ago.
  • The company reiterated its outlook for adjusted operating profit to grow organically by mid- to high-single digits this year. The company sees volatility and uncertainty in the economic environment going ahead.
  • "There's downside risk to Heineken's maintained mid- to high-high-single-digit adjusted operating-profit guidance — given stalling economic growth in the brewer's key geographies such as Vietnam, Cambodia, and Nigeria — with significant volume declines in Asia (10.5%) and Africa (8.6%)", Bloomberg reported
  • The company said it is progressing to transfer its business ownership in Russia. An application has been submitted for approval to the authorities in the Russian Federation and is in line with local regulatory requirements.
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  • Price Action: HEINY shares were trading higher by 3.78% at $56.79 on the last check Wednesday.


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