Heineken posts positive results

Dutch brewer, Heineken, has posted better than expected results in the first half of this year despite a slight slowdown in Africa.

The beer maker posted increased profits in all regions (except Africa) and said it had “maintained its full-year forecast of growth”, although at a slower rate than 2014.

Overall consolidated operating profit before one-off items rose 3.4% on a like-for-like basis to €1.55 billion.

Asia proved the company’s most profitable market, particularly in Vietnam with its Tiger beer brand while the Americas also fared positively.

In Europe volumes fell but value remained steady.

Lower earnings in Greece and the UK were offset by higher profit in Spain and Poland.

African markets such as Nigeria, Egypt and the Democratic Republic of Congo struggled, especially in the former where currency devaluation caused “margin pressure”.

Heineken has been very active in a number of markets recently, re-launching in Burma, striking a deal with Diageo to take over United Breweries in India and ending its partnership with the UK drinks giant in South Africa.