Heineken NV 1st Half Net Profit Topped Market View; raises dividends

by Michael Susin

Heineken NV said on Monday that net profit for the first half rose due to actions to ease inflationary pressures on its cost basis, and it reaffirmed its forecast for 2022 and changed its guidance for 2023.

The Dutch brewer said it now expects 2023 adjusted operating profit organic growth — which excludes exceptional and other one-off items — in the mid- to high-single digits range.

For 2022, the company supported its guidance to achieve steady-to-moderate sequential improvement in adjusted operating profit margin.

The company reported a half-year net profit of 1.27 billion euros ($1.30 billion), compared to 1.03 billion euros a year earlier. Net profit was expected to come in at EUR1.11 billion, according to estimates from two analysts sourced from FactSet.

The company said bea net profit – one of the company’s preferred metrics – rose 40% to EUR1.33 billion. Beia stands before amortization of extraordinary items and intangible assets related to acquisitions.

Net revenue for the period increased from EUR10.01 billion to EUR13.49 billion, and also exceeded the consensus forecast of EUR12.85 billion based on estimates from five analysts taken from FactSet.

The brewer said volumes for the Heineken brand grew 13.8 percent annually.

The board has declared an interim dividend of 50 euro cents, up from 28 euro cents a year ago.

Write to Michael Susin at [email protected]

(END) Dow Jones Newswires

Aug 01, 2022 01:58 ET (05:58 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Source link

Read |  Top 15 things to know before the market opens on August 1, 2022