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Heineken beats expectations

Dutch beer giant Heineken has posted an increase in sales volumes for the first quarter following price pressures hitting demand last year.

The brewery reported that revenue in the first quarter was €8.2 billion, which was an increase of 7.2%, including particularly strong figures for its 0.0% and flagship lager brands.

Net revenue was €6.8 billion, up 9.4% organically, and total consolidated volume increased 4.3% with net revenue per hectolitre was up 4.9%.

Devaluation of currencies in Africa, Mexico and Brazil meant reduced net revenue of €294 million or 4.6%. In addition, consolidation changes in net revenue contributed €164 million, driven by the integration of Distell and Namibia Breweries, and partially offset by the sale of Vrumona in the Netherlands and its exit from Russia.


Beer volume increased 4.7% organically with growth in all regions, with the Americas and Europe regions benefitting from the earlier timing of Easter, and also other effects across Africa & Middle East and Asia Pacific regions last year, including in Vietnam and Nigeria.

Premium beer volume grew by 7.3%, outperforming the total beer portfolio, with strong performance led by Tiger, Desperados, Birra Moretti and Kingfisher Ultra.

Its flagship lager grew by a strong 12.9%, with double-digit growth in more than 30 markets.

In addition its 0.0% brand great in the “high teens’, with double digit growth across many markets as consumers looked to low-alcohol alternatives.


The brewer said it continued to see an economic environment that was “challenging and uncertain”, and it would “remain agile” in line with its broad strategy.

Although it had reported a “solid start” it said that it “cannot extrapolate” top-line growth for the rest of the year, and, as planned, would increase investment in brands.

It said that it continued to expect operating profit to grow organically by a low- to high-single-digit and net profit organic growth lower than the operating profit  organic growth.


Speaking about the resutls, Dolf van den Brink, chairman of the executive board and CEO, said: “We had an encouraging start to 2024. All regions grew volume and net revenue, and we continued to see a sequential improvement in the performance of the business, growing in line or ahead of the category in the majority of our markets.

“Top-line delivery was well-balanced between volume and value as more markets returned to volume growth and our underlying premiumisation trends remained strong.

“We continue to see the economic environment as challenging and uncertain, and will remain agile and focused. We will continue to invest behind our brands, innovations, commercial capabilities and route-to-consumer. Our full year expectations remain unchanged.”

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