Heineken said it is expecting consumer demand to slow down, despite seeing strong volume growth in the third quarter. The company however retained its 2022 full year expectations.
The brewer has reported an organic growth 19.8 per cent in net revenues, and a volume growth of 8.9 per cent. Premium category, led by Tiger and Heineken, performed strongly, growing 15 per cent respectively. Heineken brand has seen a growth of 11.3 per cent.
“We maintain our efforts to price responsibly offsetting input cost inflation. We are well underway to deliver €1.7 billion gross savings on our productivity programme by the end of this year, while continuing to invest behind our brands and capabilities,” Dolf van den Brink, chairman and chief executive, said.
“We increasingly see reasons to be cautious on the macroeconomic outlook, including some signs of softness in consumer demand,” he added.
For the first nine months of the year, net revenue was €21.27 billion (£18.46bn), increasing organically by 22.6 per cent. In the third quarter, net revenue was €7.78bn, benefitting from the sharp post-COVID recovery in Asia Pacific. Total consolidated volume grew 7.6 per cent and net revenue per hectolitre was up 11.1 per cent. Price mix on a constant geographic basis was up 13.2 per cent, driven by pricing to mitigate inflationary pressure and premiumisation effects.
The year on year growth in beer volume was mainly driven by the strong recovery in Asia Pacific from the COVID-related restrictions of last year. Europe, the Americas and Africa, Middle East & Eastern Europe saw a low-single digit growth.
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