KUALA LUMPUR: Heineken Malaysia Bhd's net profit rose 11.42 per cent to RM122.48 million in the first quarter (Q1) ended March 31, 2024 from RM109.93 million a year ago.
Its revenue grew 7.0 per cent to RM789.17 million compared to the same quarter in 2023.
This was driven by effective execution of the Chinese New Year campaign and strategic commercial initiatives during the quarter, the company said.
Similarly, Heineken's pre-tax profit rose 12 per cent to RM161.29 million compared to the same quarter last year.
The growth was primarily driven by revenue growth, alongside effective revenue and cost management.
The board of directors does not recommend any dividend in respect of the quarter ended March 31, 2024.
Heineken Malaysia managing director Roland Bala said while the company's Q1 performance was positive, it remains cautious, in view of the volatile trading environment and macroeconomic concerns.
Bala said Heineken will continue to build on this momentum by focusing on its EverGreen priorities, emphasising superior growth, consumer-centricity, cost efficiency, sustainability, digitalisation and reinforcing a high-performance culture.
"We are grateful for the unwavering support from our business partners and consumers, which has been pivotal in navigating the complexities of the past year," he said in a statement.
Bala said Heineken's Q1 results were encouraging, yet the company approached the future with prudence, mindful of the ongoing volatility in the trading environment and broader macroeconomic factors.
"Our commitment to take a long term view to build a sustainable business stands, as we continue to focus on delivering our EverGreen strategy to future proof our business," he added.
