Malaysia: Heineken Malaysia Bhd's net profit falls in Q1 2023
Heineken Malaysia Bhd's net profit fell three per cent to RM109.93 million in the first quarter (Q1) ended March 31, 2023 from RM113.38 million a year ago, the New Straits Times reported on May 11.
However, the company's revenue grew six per cent to RM740.2 million from RM698.33 million in the same quarter in 2022.
"This rise in revenue is driven by a better sales mix as the company's premium portfolio grew, led by Heineken, as well as price increase as a result of inflationary pressure on cost," it said.
Heneiken' Malaysia's pre-tax profit declined by seven per cent to RM144.6 million compared to the same quarter last year.
This was primarily due to the relatively higher promotional and marketing expenses as the company continued to invest behind its brands.
Comparatively, the marketing spend in Q1 2022 was lower as the company was still recovering from the impact of the pandemic.
Managing director Roland Bala said Heineken Malaysia was prepared to contribute to domestic consumption growth by leveraging the expected improvement in tourism, labour market conditions, and government policy measures to bolster its business performance.
Roland said the company would remain adaptive to the volatile business environment and new market realities.
"We take a long-term view to build a sustainable business and will continue to focus on delivering our EverGreen strategy to future proof our business," he added.
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