World: Heineken’s 2024 profit exceeds both forecasts and its own outlook

Dutch brewer Heineken reported annual profit growth on February 12 that exceeded both forecasts and its own outlook, citing growth in its portfolio of premium-priced beers.

Heineken, the world's second-largest brewer, saw an 8.3% increase in annual organic operating profit, surpassing analysts' forecast of 5.3% and exceeding its own expectations of up to 8%.

The company announced a 1.5-billion-euro ($1.55 billion) share buyback programme spanning two years.

"We delivered solid results with broad-based growth and profit expansion," CEO Dolf van den Brink said in a statement.

The profit beat will further reassure investors who have levelled criticisms at Heineken for both over- and under-promising with its outlook in recent years, and for volatility in its results.

Heineken forecast operating profit to expand between 4% and 8% in 2025. Analysts, on average, expect an annual growth of 5.8%.

Its fourth-quarter volumes and revenue grew 1.8% and 4.7%, respectively, on an organic basis, compared with analysts' estimate for a 0.3% and 3.3% growth.