Heineken Malaysia Berhad reported a decline in revenue and net profit for Q3 2023, which it said was due to weak consumer sentiment driven by rising cost of living and macro-economic concerns.
In the third quarter, Group revenue decreased by 17% to RM599.6 million compared to RM720 million in the preceding year quarter, and profit attributable to shareholders was RM87 million against RM108 million it achieved in Q3FY2022. Heineken attributed this to lower sales arising from weak consumer sentiment driven by rising cost of living and macro-economic concerns.
The Group said had a strong base in the third quarter of 2022 as the market had an upsurge in sales (Revenue +85% versus the third quarter of 2021), following the re-opening of the economy and international borders at the start of the endemic phase. It views this quarter’s performance as a continuation of the form of market correction as reported in the previous quarter’s report.
Commenting on the results, Roland Bala, Managing Director of HEINEKEN Malaysia, said, “2023 remains challenging as the market goes through corrections following the rebound in 2022 coupled with weaker consumer sentiment due to macroeconomic concerns.
