Heineken has reported better-than-expected results for its fiscal first quarter, helped by an improved performance in Europe.
For the period, net profit was up 11% year-on-year to €293m, while volumes were up 1% (+0.6% on an organic basis).
The group recorded a 0.5% increase in volumes across Europe, despite declines in the UK and Poland, due to growth in France, Spain, Netherlands, Italy, and Austria. Volumes were up 5.4% (organic) in Asia Pacific, helped by a strong performance in Cambodia.
However, Heineken recorded slight organic volume declines in the Americas (-0.7%) and Africa, Middle East & Eastern Europe (-0.4%), as it continued to struggle in Brazil, Nigeria, and Russia.
CEO Jean-Francois van Boxmeer noted: “Performance in the first quarter was in line with expectations, delivering volume growth against strong comparatives last year”.