Daily Archives: October 24, 2019

Heineken’s nine months profit rise 4% amid a mixed bag of highs and lows

Heineken bottle and glass filled with beer

Heineken NV said it is seeing increased volatility across a number of its markets despite seeing profits rise by 4.45% to €1.67bn, driven by beer volume growth of 2.3%, with brand Heineken® surging 7.4%.

The company said that it benefited from double digit growth of its Heineken brand in Brazil, South Africa, the UK, Nigeria, Romania and Germany.

Looking at the company’s performance by region, its Africa, Middle East and Easter Europe region saw 1.6% beer volume growth.

In Nigeria, beer volume grew by low-single digit with the premium portfolio growing double digit, driven by brand Heineken®.

Guinness Nigeria posts Q1 loss amid challenges, impact of excise duty increase

Guinness logo

Guinness Nigeria Plc said that a challenging macroeconomic environment, coupled with competition, unfavourable mix performance and excise duty increases on both beer and mainstream spirits negatively impacted its first-quarter results ending in September.

Revenue for the drinks company fell by 4% to N26.9bn from N28bn in the same period in 2018. Operating Profit declined by 59% to N682m, from N1.67bn, driven by the drop in revenue.