Malaysia: Heineken Malaysia Bhd’s net profit up 11.42% in Q1
Heineken Malaysia Bhd reported an 11.42% increase in net profit to RM122.48 million for the first quarter ended March 31, 2024 (1Q24), up from RM109.93 million the previous year, driven by higher beer sales during Chinese New Year and cost management.
Revenue for the quarter under review rose by 6.61% to RM789.17 million, compared to RM740.22 million in the same period last year.
Its MD Roland Bala attributed the growth to strategic marketing investments but noted caution due to a volatile trading environment.
No dividends were declared for the quarter.
Heineken Malaysia’s portfolio includes brands like Heineken and Tiger Beer.
The company welcomed the government’s decision not to raise excise duties on beers.
Shares closed 4 sen or 0.2% lower at RM23.68, with a market capitalisation of RM7.15 billion.
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