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Heineken sees beer sales impacted by pressure on consumer finances
Heineken warned that while consumer demand has been resilient in the first half, there is mounting pressure on consumer purchasing power that will affect beer consumption.
The beermaker made the warning after posting revenue growth of 37 percent in its half-year results that placed its growth ahead of the industry in over half of their markets.
Heineken also recorded 24.6 percent organic growth in operating profit, while it generated sales of €16.4 billion, a rise of 22.4 percent on an organic basis.
In its half-year results, beer volume grew by 7.6 percent, on an organic basis.
Heineken, on the other hand, experienced faster growth in the second quarter, with beer volume increasing 9.7 percent. This growth was driven by strong performance in the Americas, a rebound in the Asia Pacific market, increased sales in Europe's on-trade, and modest expansion in Africa, Middle East, and Eastern Europe (AMEE) region.
The brewer anticipates that the second half of 2022 and into 2023 will continue to see "strong inflationary pressures" on its cost base.
Heineken CEO, Dolf van den Brink, said their pricing, revenue management, and productivity offset significant inflationary pressures in their cost base. As a result, operating profit is now firmly ahead of 2019.”
Brink added that they continue to face an uncertain outlook for consumers and businesses alike.
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