Heineken cuts 2023 forecast after weakness in Asia
Glasses of Heineken beer are seen at a restaurant in Hanoi, Vietnam May 30, 2019. Picture taken May 30, 2019. REUTERS/Kham/File Photo, the world's second-largest brewer by volume, on Monday cut its 2023 profit growth forecast after an economic slowdown in Vietnam depressed first-half earnings by more than expected.
The Dutch company, whose brands include Tiger and Sol, said it now expected growth in operating profit before one-offs this year to be between zero and a mid single-digit percentage. It had previously forecast a mid- to high- single-digit percentage. In the first half, Heineken sold 5.6% less beer than a year ago, and despite a jump in revenue due to higher prices, suffered a 8.8% like-for-like decline in operating profit, compared with the average 4.8% decrease forecast in a company-compiled poll., one of the company's largest markets, which is facing reduced global demand for its exports.
Beer volumes in the region fell by 13.2% and sales of more expensive premium beers by even more. Operating profit reduced by about a third. The brewer - whose namesake brand is Europe's top-selling beer - said it expected a strong overall turnaround of profit in the second half of the year.
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