Heineken Reports Flat Sales for the first quarter of 2017

By Soko Directory Team / April 20, 2017

By Amina Faki

Heineken, a Dutch brewing giant reported flat beer sales for the first quarter of 2017 but was currently cheered by a 10.6 percent rise in profits despite late Easter Holidays.

The Amsterdam-based company said in a statement that globally, beer sales rose by 0.6 percent compared to the same period in 2016.

Profits went up to 39 billion shillings compared to 35.2 billion shillings in the first quarter last year.

Chairman Jean-Francois van Boxmeer said in a statement that the performance in the first quarter was in line with expectations delivering volume growth against strong comparatives last year.

The company further elaborated that while beer sales remained strong in Asia, up some 5.4 percent, in Africa, Middle East, and Eastern Europe market conditions remain challenging, adversely impacting volume.

Heineken is the world’s second-largest brewer after global number one AB InBev clinched a mega deal for its nearest rival SABMiller in November 2015.

It was the third-biggest takeover in global corporate history

Heineken said that in February, Japanese brewer Kirin said it was selling its Brazilian unit to the Dutch beer giant for 706 million dollars, citing a “stagnant and competitive” market. The acquisition is due to be completed by the end of the first half of 2017.

It employs about 73,500 people around the world.

Founded in the 19th century, Heineken produces and sells more than 250 brands including Desperados tequila-flavored beer, Sol, and Strongbow cider.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team