Malaysia: Heineken Malaysia posts decrease in net profit, revenue in Q3 to September 30
Heineken Malaysia Bhd anticipates the market to remain challenging due to cautious consumer spending prompted by macroeconomic concerns, according to managing director Roland Bala, The Star reported.
“The group will remain agile in the volatile business environment and will continue to focus on our EverGreen strategy to future-proof the business. In the absence of the one-off prosperity tax, we also look forward to a positive impact on the group’s net profit this year,” he said in a statement.
In the third quarter ended Sept 30, Heineken posted a net profit of RM87.3mil compared with RM108.7mil achieved in the same corresponding quarter last year.
Its revenue decreased by 17% to RM599.6mil as compared to RM720.5mil in the same quarter in 2022, mainly due to lower sales arising from weak consumer sentiment driven by rising cost of living and macro-economic concerns.
The group had a strong base in the third quarter of 2022 as the market had an upsurge in sales, following the re-opening of the economy and international borders at the start of the endemic phase.
The group views this quarter’s performance as a continuation of the form of market correction as reported in the previous quarter’s report.
In the first nine months to Sept 30, Heineken posted a net profit of RM287.7mil on revenue of RM1.9bil.
“2023 remains challenging as the market goes through corrections following the rebound in 2022 coupled with weaker consumer sentiment due to macroeconomic concerns. Nevertheless, our One Strong Winning Team remains agile and resilient. We continued our focus to deliver against our EverGreen strategy to future proof our organisation whilst navigating the challenges in this soft period,” Roland said.
In terms of challenges, he added: “The group welcomes the stance taken by the Government not to increase excise duties on beer in its latest Budget 2024, as any hike in excise rates will drive greater demand for illicit alcohol.”
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