Heineken Malaysia Berhad announced its financial results for the first quarter for 2024 with revenue growing by 7% to RM789.17 million compared to the same quarter in 2023. The group said the increase was driven by effective execution of Chinese New Year campaign and strategic commercial initiatives during the quarter.
Similarly, Group PAT rose by 11% to RM122 million compared to the same quarter last year. The growth was primarily driven by revenue growth, alongside effective revenue and cost management.
Commenting on the results, Roland Bala, Managing Director said, “Coming out of a challenging year in 2023, we are pleased with the encouraging start to 2024. Whilst our Q1 performance was positive, we remain cautious, in view of the volatile trading environment and macroeconomic concerns.”
“The success of our marketing investments, particularly the ‘Cheers to a Bolder Tomorrow’ Chinese New Year Campaign led by Tiger Beer, has been instrumental in achieving top-line growth. This, along with innovative initiatives from the Heineken and Guinness brands, underscores our dedication to creating memorable experiences for our consumers.”
On outlook, Roland shared, “Our Q1 results are encouraging, yet we approach the future with prudence, mindful of the ongoing volatility in the trading environment and broader macroeconomic factors. Looking ahead, the Group will continue to stay agile and focused in navigating external challenges to deliver a commendable performance this year. Our commitment to take a long term view to build a sustainable business stands, as we continue to focus on delivering our EverGreen strategy to future proof our business.”
The Board of Directors does not recommend any dividend in respect of the quarter ended 31 March 2024.
The Group welcomes the stance taken by the Government not to increase excise duties on beers in its Budget 2024, as any hike in excise rates will drive greater demand for illicit alcohol. HEINEKEN Malaysia regards illicit alcohol as a serious issue and remains committed to supporting the Government in mitigating illicit trade through holistic efforts, including strengthening enforcement and raising greater awareness in the market.
