Heineken Malaysia Berhad (HEINEKEN Malaysia) reported strong financial results for the first quarter of 2024, indicating resilience and adaptability in a dynamic market. The company’s revenue grew by 7% to RM789.17 million compared to the same quarter in 2023, driven by the successful execution of the Chinese New Year campaign and strategic commercial initiatives. Group PBT also rose by 12% to RM161.29 million, primarily due to revenue growth and effective revenue and cost management. Managing Director Roland Bala expressed satisfaction with the positive Q1 performance but emphasized the need for caution due to the volatile trading environment and macroeconomic concerns.
Commenting on the results, Roland Bala, Managing Director of HEINEKEN Malaysia, 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. We will continue to build on this momentum by focusing on our EverGreen priorities, emphasising superior growth, consumer-centricity, cost efficiency, sustainability, digitalisation and reinforcing a high-performance culture. We are grateful for the unwavering support from our business partners and consumers, which has been pivotal in navigating the complexities of the past year.”
“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.”
Heineken Malaysia’s key EverGreen priorities include driving superior growth, funding growth, raising the bar on sustainability and responsibility, becoming the best connected brewer, and unlocking the full potential of its people. The company’s key EverGreen priorities include driving superior growth through consumer-centricity, funding growth through cost and value, achieving net zero carbon in Scope 1 & 2 by 2030 and the full value chain by 2040, becoming the best connected brewer through digital and technology, and promoting a high-performance culture to unlock the full potential of its people.
The Board of Directors did not recommend any dividend for the quarter ended 31 March 2024. The company welcomes the government’s decision 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 views illicit alcohol as a serious issue and remains committed to supporting the government in mitigating it through holistic efforts, including strengthening enforcement and raising market awareness.