Heineken Malaysia Berhad (HEINEKEN Malaysia) has announced its financial results for the year ending 31 December 2024 (FY24), showing a 6% revenue increase to RM2.80 billion and a 21% rise in net profit compared to 2023 (FY23). This is the highest net profit the Group has achieved, thanks to smart commercial strategies, cost management, and improved consumer confidence.
Also, the Company has reported they have gained from recognizing deferred tax income related to reinvestment allowance, which helped lower its effective tax rate and boosted net profit growth. Revenue grew thanks to a longer festive selling period in 2024 and strong year-end sales before the early Chinese New Year (CNY) preparations in 2025, leading to a 14% increase in Profit Before Tax (PBT).
In the fourth quarter ended 31 December 2024 (4QFY24), the Group’s revenue rose by 13% to RM823.1 million compared to 4QFY23, thanks to higher sales during the year-end festive season, with CNY 2025 coming closer to the year’s end than CNY 2024. This growth resulted in a 32% increase in Group PBT, and net profit for the quarter grew by 42%, mainly due to higher revenue, effective cost management, and the deferred tax income mentioned earlier.
Commenting on the results, Martijn van Keulen, Managing Director of HEINEKEN Malaysia, said, “We are proud to report growth in 2024. Recent macroeconomic developments show signs of stability, and we are optimistic about further improvement in consumer confidence. Nevertheless, we remain cautious, acknowledging the economic volatility and a challenging consumer landscape.”
The Board recommends a final dividend of 115 sen per stock unit for FY24, pending shareholder approval at the upcoming 61st Annual General Meeting. If approved, the total dividend for FY24 will be 155 sen per stock unit.
Aligning with the Group’s EverGreen priority to drive growth through consumer focus, HEINEKEN Malaysia expanded its product range with the launch of Tiger Soju Flavoured Lager and Edelweiss Peach, both gaining consumer attention. For the second year in a row, Edelweiss won Bronze at the Putra Aria Brand Awards, while Heineken, Tiger Beer, and Guinness won Gold at the Putra Brand Awards, highlighting the brewer’s strong brand presence.
Meanwhile, the Drinkies platform secured two wins at the Asian Experience Awards 2024, reflecting the brewer’s drive to Become the Best Connected Brewer.
The Group also invests in talent development through Star Academy, which has trained over 10,000 bartenders in the nation since its inception. This commitment to excellence was showcased globally when Malaysia’s representative, trained under the programme, won the 2024 Heineken Global Draught Championship in Amsterdam—a proud milestone for the nation’s talent on the world stage.
On outlook, Martijn shared, “As we move into 2025, we are committed to sustaining our growth momentum by sharpening commercial execution while staying agile in an evolving business environment. We will continue to future-proof our business through our EverGreen strategy, focusing on long-term resilience and efficiency through cost optimisation across the organisation.”
Martijn added, “We appreciate the Government’s decision not to raise beer excise duties in Budget 2025, as higher rates would boost illicit alcohol demand as well as impact Government revenue. We commend the Royal Malaysian Customs Department, Royal Malaysia Police, and other agencies for their efforts against illicit beer. As a responsible company, we advocate for comprehensive enforcement and awareness, hence, we will continue collaborating with the Government on the Multi-Agency Task Force to combat illicit trade.”
The Group is also committed to sustaining its socioeconomic impact in Malaysia. In 2023, it contributed RM1.4 billion to Government revenue through taxes, which is 53% of its total revenue.
As seen in the Group’s EverGreen priority, HEINEKEN Malaysia continues to Raise the Bar on Sustainability and Responsibility. Key initiatives include the installation of solar panels at the brewery, HEINEKEN Cares’ commitment to providing food aid to communities, efforts to improve water access and food security, as well as the long-standing commitment to advocating for responsible consumption since 2010.
At the prestigious Malaysia Dutch Business Council (MDBC) Awards 2024, HEINEKEN Malaysia was honoured for its innovative and sustainable practices, winning the Best Sustainable Built Environment Award – truly a testament to the Group’s efforts. Meanwhile, HEINEKEN Malaysia was also recognised for exceptional leadership in water resilience and SDG reporting at the UN Global Compact Network Malaysia and Brunei Forward Faster Sustainability Awards 2024.
For more information on HEINEKEN Malaysia and the Group’s initiatives, please visit www.heinekenmalaysia.com.