Heineken Malaysia brews up higher revenue, pre-tax profit in Q1

PETALING JAYA: Heineken Malaysia Bhd delivered a robust performance and demonstrated resilience and adaptability in a dynamic market landscape in its financial results for the first quarter ended March 31, 2024 (Q1’24).

Group revenue grew by 7% to RM789.17 million compared with the same quarter in 2023. The increase was driven by effective execution of the Chinese New Year campaign and strategic commercial initiatives during the quarter. Similarly, group profit before tax rose by 12% to RM161.29 million compared with the same quarter last year. The growth was primarily driven by revenue growth, alongside effective revenue and cost management.

Heineken Malaysia managing director Roland Bala said, “Coming out of a challenging year in 2023, we are pleased with the encouraging start to 2024. Whilst our Q1 performance was positive, we remain cautious, in view of the volatile trading environment and macroeconomic concerns. We will continue to build on this momentum by focusing on our EverGreen priorities, emphasising superior growth, consumer-centricity, cost efficiency, sustainability, digitalisation and reinforcing a high-performance culture.

“We are grateful for the unwavering support from our business partners and consumers, which has been pivotal in navigating the complexities of the past year.

“The success of our marketing investments, particularly the 'Cheers to a Bolder Tomorrow' Chinese New Year Campaign led by Tiger Beer, has been instrumental in achieving top-line growth. This, along with innovative initiatives from the Heineken and Guinness brands, underscores our dedication to creating memorable experiences for our consumers.”

On outlook, Roland shared, “Our Q1 results are encouraging, yet we approach the future with prudence, mindful of the ongoing volatility in the trading environment and broader macroeconomic factors. Looking ahead, the group will continue to stay agile and focused in navigating external challenges to deliver a commendable performance this year. Our commitment to take a long term view to build a sustainable business stands, as we continue to focus on delivering our EverGreen strategy to future proof our business.”

Heineken Malaysia’s board of directors does not recommend any dividend in respect of the quarter ended March 31, 2024.