Heineken, the renowned beverage company, announced its impressive financial results for the first half of 2023. Here are the key details:
Net Revenue Forecast
- Revenue for the period surged to 17.44 billion euros ($19.22 billion), surpassing estimates of EUR14.91 billion from four analysts based on FactSet data.
Net Profit
- Net profit for H1 totaled EUR1.16 billion, slightly lower than the previous year’s EUR1.27 billion.
- An analyst had anticipated a net profit of EUR1.31 billion, according to FactSet.
- The decline in net profit can be attributed mainly to lower volumes in the profitable Asia Pacific region.
Guidance
- Heineken revised its full-year outlook, expecting adjusted operating profit growth between zero and a mid-single digit for the current year.
- Previously, the company had projected a mid- to high-single-digit rise.
BEIA Net Profit
- Heineken’s preferred metrics, BEIA (before exceptional items and amortization of acquisition-related intangible assets) net profit, witnessed a 12% drop to EUR1.15 billion.
- The consensus estimate for BEIA net profit during this period was EUR1.25 billion, as reported by the company.
Heineken’s solid performance in H1 indicates its resilience amid changing market conditions. With an optimistic outlook, the company aims to maintain its growth trajectory throughout the remainder of the year.
