Heineken NV 1st Half Net Profit Topped Markets Views; Raises Dividend

By Michael Susin

Heineken NV said Monday that net profit for the first half rose on the back of action to mitigate inflationary pressures on its cost base, and that it affirmed its forecast for 2022 and changed its guidance for 2023.

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

For 2022, the company backed its guidance to achieve a stable-to-modest sequential improvement in adjusted operating profit margin.

The company reported net profit for the half year of 1.27 billion euros ($1.30 billion), compared with EUR1.03 billion a year earlier. Net profit had been expected to come in at EUR1.11 billion, according to two analysts' estimates taken from FactSet.

The company said beia net profit--one of the company's preferred metrics--rose 40% to EUR1.33 billion. Beia stands for before exceptional items and amortization of acquisition-related intangible assets.

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

The brewer said volume for the Heineken brand rose 13.8% organically on year.

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

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

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

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