PETALING JAYA: Heineken Malaysia Bhd’s net profit in the third quarter ended Sept 30, 2022 more than doubled to RM108.74 million compared with RM51.02 million in the corresponding quarter last year, driven by revenue growth and cost and value initiatives.
The brewer’s revenue grew 84.81% to RM720.47 million from RM389.85 million, mainly due to strong post-Covid recovery following the reopening of international borders, increased on-trade consumption as well as positive mix impact from its premium portfolio growth.
For the nine-month period, its net profit doubled to RM308.19 million compared with RM149.83 million in the same period last year.
Revenue grew 60.32% to RM2.06 billion from RM1.29 billion during the corresponding period in the previous year, namely driven by low volume last year as the brewery was closed due to the movement control order (MCO). In addition, its performance was underpinned by strong sales during the CNY and festive period, steady recovery for the on-trade business, better revenue as well as cost management.
Group managing director Roland Bala said its performance for Q3’22 was commendable as the economy continues to open up, on-trade business and tourism sectors continue to recover compared to a weaker Q3’21 due to widespread MCO. He added that it will continue to focus on executing its EverGreen strategy to drive sustainable growth.
“The group continues to be cautious on the macroeconomic outlook. The market condition remains challenging given the continued pressure from global supply chain disruptions, recessionary pressures from leading economies, rising input cost, weakening ringgit and rising inflation that could impact consumer purchasing power.
“The group will remain agile in responding to the volatile business environment and the new market reality with focus on delivering our EverGreen strategy to future-proof the business and continue to invest behind our brands and capabilities. We will also drive our sustainability agenda on creating a positive impact where we operate by taking on a responsibility towards people, planet and performance,” he said in a statement today.
