June 17, 2024
Heineken Backs 2023 Guidance After 1Q Pricing-Driven Revenue Growth

Heineken Backs 2023 Guidance After 1Q Pricing-Driven Revenue Growth

By Michael Susin

Heineken NV backed its full-year guidance on Wednesday on the back of robust pricing and after reporting increased revenue for the first quarter.

The Dutch brewer said that the outlook for 2023 remains unchanged, with adjusted operating profit–the company’s preferred metric, which strips out exceptional and other one-off items–expected to grow organically mid- to high-single-digit.

The company posted a net profit of 403 million euros ($500.7 million) for the first three months of 2023 compared with EUR417 million a year earlier.

Revenue came in at EUR7.63 billion from EUR6.99 billion a year earlier, while beer volume growth dropped 3% organically on year.

“Business performance in Europe and the Americas regions is encouraging, with consumer demand holding up better than expected in the first quarter. Results in the Asia Pacific and Africa, Middle East and Eastern Europe regions were disappointing, hindered by temporary volatility in Vietnam and Nigeria, leading to demand softness,” Chairman Dolf van den Brink said.

The company added that it continues to see the economic environment as volatile and uncertain, and that it cost cutting program continues at force.

Write to Michael Susin at [email protected]

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