Malaysia: Heineken Malaysia remains cautious about its outlook due to ongoing economic volatility

Heineken Malaysia Bhd, which saw a 28.6% increase in net profit for the third quarter ended Sept 30 (3Q24), remains cautious about its outlook due to ongoing economic volatility and a challenging consumer environment, The Star reported on November 12.

“While remaining cautious amid the volatile economic landscape, the group is focused on sustaining its growth momentum by sharpening commercial executions in preparation for Chinese New Year in January 2025.

“Guided by our EverGreen strategy to future-proof the business, we will remain agile in navigating the evolving environment and continue driving efficiency through cost optimisation across the organisation,” managing director Martijn van Keulen said in a statement.

The brewer posted a 28.6% higher net profit of RM112.3mil, or earnings per share of 37.17 sen in 3Q24 compared with RM87.3mil, or 28.91 sen posted last year.

Revenue for the quarter rose to RM619mil against RM599.6mil a year ago.

In the first nine months, Heineken posted a net profit of RM325.9mil, up 13.3% from RM287.7mil while revenue climbed 3.4% to RM1.97bil from RM1.91bil last year.

“We are pleased to see positive performance in the third quarter. While the trading environment remains volatile alongside ongoing macroeconomic concerns, we are focused on maintaining the growth momentum as we close out the year,” van Keulen said.

The board of directors does not recommend any dividend in respect of the quarter ended Sept 30.