Heineken quarterly earnings up 20% on improved sentiment

PETALING JAYA: Heineken Malaysia Bhd has posted a 20% jump in net profit to RM78.87mil for its third quarter ended Sept 30 compared to RM65.87mil a year ago.

In a filing with Bursa Malaysia yesterday, the brewer attributed the stellar profits to a higher sales volume prior to the implementation of the sales and service tax (SST).

“Our performance in the third quarter of 2018 reflects improved consumer sentiment in the market.

“The reintroduction of the SST and subsequent price adjustment resulted in a higher sales volume ahead of Sept 17,” said managing director Roland Bala in a statement.

In terms of revenue, the group posted a 3.3% or RM16.5mil increase to RM512.01mil in the quarter from RM495.49mil previously. Earnings per share stood at 26.11 sen compared to 21.80 sen previously.

Shares in Heineken closed unchanged at RM18 a share yesterday.

On the outlook, Bala expected the business environment to remain challenging, given the intense competition, the implementation of the SST on Sept 1 and the presence of contraband beer in the market

“We commend the extensive efforts of the government and its agencies, in particular the customs department, for stepping up enforcement against contraband alcohol and the illicit trade, which represent a significant loss of revenue for both the government and the industry.”

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Business , Heineken , profits


Next In Business News

India growth likely to slow on price pressures
Surging Covid cases dampen China economic outlook
India stocks may rise 9% despite slowing economy
BlockFi tells US bankruptcy court it is ‘the antithesis of FTX’
Indian cinemas count on US blockbusters to lure back movie fans
BYD to sell EVs in Mexico next year
US Cyber Week outpaces China’s Singles Day spending
Disney buys MLB stake in BAMTech for US$900mil
Japan factory output falls for second month
S. Korea to negotiate with striking truckers again

Others Also Read