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    Heineken to cut staff costs by 20 per cent

    REUTERS/Issei Kato/File Photo

    Heineken will reduce its staff costs by 20 per cent in its head and regional offices and is reviewing all its local operations as it looks to streamline.

    The Dutch brewing company has reported a significant drop in beer sales and profits as a result of Covid-19, with its net profits for the first nine months of the year plunged by over 75 per cent to €396m from the same period last year while beer volumes fell by 8.3 per cent.

    Heineken said the cost-cutting process would help streamline its regional and head offices, which employ about 1,700 people.

    The UK is not affected by the personnel cost cuts as it lacks a regional or head office. Its market has held up relatively well compared to other countries, and sales of Heineken, Sol and Birra Moretti grew by double-digit figures in the third quarter of 2020.

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