Asia drives fizzing Heineken volumes as Q3 sales rise

THE HAGUE, Oct 28 — Dutch brewer Heineken today reported a near five-per cent gain in total volumes sold in the third quarter, driven by strong growth in its Asia-Pacific market.

The world’s second-biggest brewer after AB InBev said its total volumes, including beer, cider, and non-alcoholic drinks, came in at 76 million hectolitres, compared to 71.6 million in the same period last year.

Asia-Pacific led the growth, with “particularly strong momentum” in Vietnam, China and India driving volumes in that region up by 17.3 per cent, Heineken said.

Its non-alcoholic beer Heineken 0.0 also performed well, with double-digit growth in 26 markets.

New chief executive Rafa Oliveira, unveiling his first quarterly results since taking charge this month, said he had a positive first impression but urged the company to do better.

“We have strong foundations, but we are not translating them into consistent growth and winning with consumers and customers as often as we should,” he said in a statement.

“There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business,” he added.

Heineken has embarked on job cuts as part of efforts to bolster sales and profitability, with up to 6,000 posts of its roughly 85,000 jobs to be shed over the next two years.

The brewer no longer publishes quarterly net profit figures, unveiling these only in half-year or full-year reports.

The firm maintained its forecast of a full-year operating profit of between two and six per cent.

Its net revenue in the third quarter was €8.1 billion before exceptional items and amortisation, a gain of 4.6 per cent.

Volumes were up across the board, with a return to growth in the Americas and Europe managing a gain of 0.6 per cent, helped by favourable weather. — AFP