Heineken Malaysia Berhad released its financial results for the full year ended 31 December 2023, reporting a decline in revenue and profit as compared to the same period in 2022 (FY22). Revenue decreased by 8% to RM2.64 billion compared to the previous year which the group said was mainly due to weak consumer sentiment attributed to growing macroeconomic concerns in 2023. Correspondingly, Group PBT decreased by 14% principally due to lower revenue while the Group’s net profit decreased by 6% from RM412 million to RM386 million due to the absence of the one-off Prosperity Tax in 2023 it said.
In the fourth quarter ended 31 December 2023 (4QFY23), Group revenue decreased by 8% to RM728.62 million versus the same quarter in 2022 (4QFY22). This reflects the lower sales arising from weak consumer sentiment driven by rising cost of living and macroeconomic concerns. Group PBT in this quarter also declined by 14% primarily driven by lower revenue. Similarly, net profit for the quarter also decreased by 5% with the absence of the one-off Prosperity Tax.
Commenting on the results, Roland Bala, Managing Director, said, “2023 has been a challenging year with the market experiencing corrections following the strong rebound observed in 2022.
On outlook, Roland shared, “With a soft beer market in 2023, we maintain a cautious approach and expect the business environment in 2024 to remain challenging. This alongside the rising cost of living, geopolitical uncertainties, and weakening Ringgit could have a negative impact on consumer sentiment and spending. We will continue to adopt an agile approach in delivering our 2024 ambition.
The Board has proposed a single tier final dividend of 88 per stock unit for the year ended 31 December 2023 (FY22 : 98 sen per stock unit, single tier). The total dividend for the year amounts to 128 sen per stock unit.
