Heineken Malaysia managing director Martijn van Keulen.
PETALING JAYA: Heineken Malaysia Bhd
, which saw a 28.6% increase in net profit for the third quarter ended Sept 30, 2024 (3Q24), remains cautious about its outlook due to the ongoing economic volatility and a challenging consumer environment.
“While remaining cautious amid the volatile economic landscape, the group is focused on sustaining its growth momentum by sharpening commercial executions in preparation for Chinese New Year in January 2025.
“Guided by our EverGreen strategy to future-proof the business, we will remain agile in navigating the evolving environment and continue driving efficiency through cost optimisation across the organisation,” managing director Martijn van Keulen said in a statement.
The brewery posted a 28.6% higher net profit of RM112.3mil, or an earnings per share of 37.17 sen, in 3Q24 compared with RM87.3mil, or 28.91 sen, posted last year.
Revenue for the quarter rose to RM619mil against RM599.6mil a year ago.
In the first nine months, Heineken posted a net profit of RM325.9mil, up 13.3% from RM287.7mil while revenue climbed 3.4% to RM1.97bil from RM1.91bil last year.
“We are pleased to see a positive performance in the third quarter.
“While the trading environment remains volatile alongside ongoing macroeconomic concerns, we are focused on maintaining the growth momentum as we close out the year,” van Keulen said.
The board of directors did not recommend any dividend in respect of the quarter ended Sept 30.
In discussing challenges, van Keulen stated: “We commend the government’s decision to maintain excise duties in Budget 2025.
“This is especially given that Malaysia’s excise rate on beer is amongst the highest in the world.
“High beer excise duty is correlated with an increase in the availability of illicit beer, impacting government revenue.
“We appreciate the efforts of the Royal Malaysian Customs Department, Royal Malaysia Police and other enforcement agencies to stamp out illicit beer.”
As a responsible and progressive company, van Keulen said Heineken advocated for holistic enforcement and awareness efforts and will continue to collaborate with the government on the Multi-Agency Task Force to combat illicit trade.
Meanwhile, on growing its talent, Heineken said it rolled out the Global Graduate Programme, offering opportunities for Malaysian graduates to fast-track their careers in a global environment.
“The group also took home two Gold accolades at the HR Excellence Awards 2024 for Excellence in Retention Strategy and Excellence in Total Rewards Strategy, further reinforcing the group’s commitment to fostering a dynamic and rewarding work environment.”
