Heineken NV reported its 2023 results recording a 36.3 billion Euro up 4.9% however net profit fell by 4.3% to 2.3 billion Euro, in terms of revenue all regions showed an increase except for Asia Pacific dropping 5.9%.
In its media release, the group said the region offers significant growth potential from a growing middle class and urbanisation however during 2023 the region encountered short-term growth challenges.
Beer volume was materially affected by the economic slowdown in the region and declined organically by 10.4%, mostly driven by Vietnam. It outperformed the category in most of its markets across the region. Premium beer volume declined in the high-teens, driven disproportionately by Tiger in Vietnam. Outside of Vietnam, premium beer volume grew by a mid-single-digit in the region.
India’s net revenue grew by a mid-single-digit following an improved performance in the second half of the year, ahead of the market, with flagship brand Kingfisher reaching record volume. The premium portfolio performed ahead of total volume, accelerating in the fourth quarter to a grow in the teens versus last year led by Kingfisher Ultra. China, continued their strong momentum. Heineken grew volume in the fifties and Heineken Silver in the seventies, benefitting from incremental investments behind the brand and its growing brand power. China is now the second largest market for the Heineken brand globally.
In Cambodia, net revenue (beia) declined by a high-single digit, driven by the volume decline in the first half. In the
second half of the year, overall, our beer volume outperformed the market for the full year. Malaysia’s beer volume declined by a high-single-digit, outperforming the market which was affected by a soft consumer environment. Our premium portfolio performed better, driven by the growth of Heineken.
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Indonesia, grew organically by a high-single-digit, driven by pricing. Beer volume declined slightly, significantly outperforming the market led by Heineken and supported by the partial recovery of tourism into Bali. The region also achieved solid revenue growth in Singapore, Laos, the Philippines and New Zealand
