Heineken sees solid volume, revenue growth in third quarter

Dutch brewing giant the Heineken Company reported third-quarter revenue growth of 27.5% on Wednesday, to €9.42bn.

The firm said net revenue organic growth was 19.8% to €7.79bn, while net revenue per hectolitre was up an organic 11.1%.

Organic growth in beer volumes was 8.9% year-on-year to 66.8 million hectolitres, and was 1.4% ahead of the pre-pandemic comparator in 2019.

Premium product volumes specifically saw organic growth of 15%, and the Heineken brand saw volume growth of 11.3%.

The Heineken Company left its 2022 full-year expectations unchanged.

“Our business delivered solid results in the third quarter across all regions, and in particular Asia Pacific has had a strong post-Covid recovery,” said chairman and chief executive officer Dolf Van den Brink.

“Our ‘EverGreen’ transformation continues and is delivering.

“Our premium portfolio outperformed, led by Tiger and Heineken, including the roll-out of Heineken Silver.”

Van den Brink said the company maintained its efforts to price responsibly, offsetting input cost inflation.

“We are well underway to deliver €1.7bnm gross savings on our productivity programme by the end of this year, while continuing to invest behind our brands and capabilities.

“We increasingly see reasons to be cautious on the macroeconomic outlook, including some signs of softness in consumer demand.

“We remain vigilant and confident in our EverGreen strategy - our full year expectations are unchanged.”

At 1320 CEST (1230 BST), shares in Heineken were down 8.87% in Amsterdam at €80.36.

Reporting by Josh White for Sharecast.com.