Heineken: profit up in the first quarter, further price hike considered

Dutch brewer Heineken reported higher first-quarter net profit on Wednesday and said a beer could soon cost more due to rising commodity prices.

In the first three months of the year, Heineken reaped the rewards of previous price increases, as well as the return of Europeans and Asians to restaurants and cafes.

Grain and energy prices have been rising for some time, but the war in Ukraine has pushed them up even more.

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A turnover of 7 billion euros

Thanks to the price increases already implemented, the brewer's turnover stood at almost 7 billion euros, compared to just over 5 billion in the first quarter of 2021. Heineken recorded a net profit of 417 million euros, against 168 million euros a year earlier, the company announced in a press release, specifying however that this figure did not yet include the loss of approximately 400 million euros for the cessation of activities. in Russia.

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Listed on the Amsterdam Stock Exchange, the Heineken stock gained 2.84% to 91.88 euros around 10:00 a.m. (0800 GMT), in an AEX index up 0.94%.

Beer sales were up 5% overall in the first quarter of 2021. In Europe, they are up 15% compared to the first quarter of last year, when health restrictions were still in force.

Sales increased by more than 40% in the United Kingdom, 30% in the Netherlands, and by more than 20% in France and Italy.

In Spain, Heineken suffered from a truckers' strike.

The Dutch brewer had suffered the full brunt of the health crisis with the closure of bars, forcing it to cut 8,000 jobs after falling into the red in 2020. Founded in the 19th century in Amsterdam, Heineken produces and sells more than 300 brands of beer and cider, including Heineken,