HEINEKEN Malaysia Kicks Off 2024 With An Encouraging Start

• Revenue increased by 7% to RM789.17 million (1QFY23: RM740.22 million)
• Profit Before Tax (PBT) increased by 12% to RM161.29 million (1QFY23: RM144.60 million)
• Net profit increased by 11% to RM 122.48 million (1QFY23: RM109.93 million)

KUALA LUMPUR, 14 May 2024 – Heineken Malaysia Berhad (HEINEKEN Malaysia) announced its financial results for the first quarter ended 31 March 2024 (1QFY2024), delivering a robust performance and demonstrating resilience and adaptability in a dynamic market landscape.

In the first quarter, Group revenue grew by 7% to RM789.17 million compared to the same quarter in 2023. The increase is driven by effective execution of Chinese New Year campaign and strategic commercial initiatives during the quarter. Similarly, Group PBT rose by 12% to RM161.29 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 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:

• Drive superior growth – With consumer centricity, we shape and lead the premium category and continue investing behind our brands.
• Fund the growth – Cost and value to drive efficiency to enable reinvestments into our brands and business.
• Raise the bar on sustainability and responsibility – Full commitment to deliver on our ambition to become net zero carbon in Scope 1 & 2 by 2030 and the full value chain by 2040.
• Become the best connected brewer – Accelerate digital and technology to create a Unified Customer Ecosystem with a customer and consumer-first approach.
• Unlock the full potential of our people – Promote a high-performance culture that boosts our strategic capabilities, nurture the best talents, and foster an organisation where people thrive.

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.

For more information on HEINEKEN Malaysia and the Group’s initiatives, please visit www.heinekenmalaysia.com.