Malaysia: Heineken Malaysia’s Q2 pre-tax profit inches up 2%
Heineken Malaysia Bhd's second quarter pre-tax profits ended June 2017 inched up 2 per cent to RM80.9 million from RM79.6 million, despite a 12 per cent decline in revenue from RM459.5 million to RM406.5 million, compared to the quarter ended June 2016, the New Straits Times Online reported on July 26.
The brewer changed its financial year end from June to December. The last audited financial statements were for an 18-month reporting period from July 2015 to December 2016.
In its filing to Bursa Malaysia on July 26, Heineken Malaysia managing director Hans Essaadi said, "We demonstrated resilience despite challenging market conditions. Our focus on growing the cider category is showing encouraging results, delivering double-digit growth in the first half of the year."
He noted Heineken's profits is sustained as it tightened its cost management through the Heineken Global Procurement systems.
Other brands it produces and sells are Tiger Beer, Guinness, Heineken, Anchor Smooth, Anchor Strong, Kilkenny, Anglia Shandy, Malta, Paulaner, Strongbow and Sol.
He also highlighted consumers in Malaysia have a taste for premium brands such as Strongbow Apple Ciders and launch of Guinness Bright in May 2017.
Essaadi went on to highlight that contraband remained a key industry concern with the continued influx, particularly in Peninsular Malaysia, representing a significant revenue loss to both the industry and the government.
"The growing demand for contraband is a result of the large price gap between duty-paid and contraband products due to Malaysia's excise structure, which ranks second highest in the world behind Norway and alongside Singapore," he said.
"Heineken Malaysia remains committed to supporting the government's anti-contraband initiatives. We remain concerned about the longer-term detrimental impact contraband can have on the economy and fully support the Government in a concerted way to stamp out contraband, " he added.
On market outlook, the brewer said it remains challenging due to cautious consumer spending amid worries of rising cost of living and economic uncertainties.
Heineken Malaysia declared an interim dividend of 40 sen per share, payable on 9th October 2017.
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