Heineken NV saw its 1QFY24 revenue at €8.2 billion, up 7.2%. Net revenue (beia) was €6.8 billion, up 9.4% organically. The group’s consolidated volume increased 4.3% and net revenue (beia) per hectolitre was up 4.9%. Price mix on a constant
geographic basis increased by 6.0%, mainly driven by pricing and in line with inflation.
The group said its currency translation reduced net revenue (beia) by €294 million or 4.6%, mainly driven by the devaluation of currencies in Africa, particularly the Nigerian Naira, and partially offset by a stronger Mexican Peso and Brazilian Real. Consolidation changes in net revenue (beia) contributed €164 million, driven by the integration of Distell and Namibia Breweries and partially offset by the sale of Vrumona in the Netherlands and our exit from Russia.
Beer volume increased 4.7% organically with growth in all regions, a sequential improvement in the performance of the
business, boosted by calendar and one-off effects. In particular, the Americas and Europe regions benefitted from the
earlier timing of Easter and the Africa & Middle East and Asia Pacific regions from a soft comparable base last year due
to one-off effects in Vietnam and Nigeria.
For Asia, net revenue (beia) increased 11.3% organically, with total consolidated volume up 8.9% and net revenue (beia) per hectolitre up 2.1%. Price mix on a constant geographic basis was up 3.1%, mainly driven by pricing and positive mix
effects.
Beer volume increased organically by 9.4% in the quarter, benefitting from the destocking effects in Vietnam last year and lunar new year timing. The premium portfolio was up by the low-teens driven by Vietnam, India and Laos.
In Vietnam, the brewer estimates the beer market declined by a mid-single-digit in the first quarter as it continues to be
impacted by a soft consumer environment and stricter enforcement of zero tolerance whilst driving regulations. Its
net revenue (beia) was up in the mid-teens, driven by volume growth in the low-teens, cycling the destocking effect
from last year. Heineken had a strong performance, driven by the momentum of Heineken Silver.
In India, net revenue (beia) grew by 20% organically, driven by volume and positive price mix. Beer volume grew in
the low-teens, ahead of the market, cycling route-to-market changes from last year. To celebrate International
Women’s day, it introduced Queenfisher, an all-women initiative. The premium portfolio grew volume in the low twenties, led by Kingfisher Ultra and Heineken Silver.
In China, the brewer grew volume by more than 40%, with a strong performance of both Heineken® Original and Heineken
Silver. As for Cambodia, net revenue (beia) declined organically by a mid-single-digit, driven by an adverse price mix effect that more than offset a small growth in volume, in a challenging economic environment.
In Malaysia, beer volume increased by a mid-single-digit versus last year, this was led by Tiger the group said. The premium portfolio also grew by a mid-single-digit, led by Heineken
