KUALA LUMPUR (Nov 12): Heineken Malaysia Bhd's (KL:HEIM) net profit jumped 28.6% to RM112.29 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM87.33 million a year earlier, lifted by higher revenue and effective cost management.

During the quarter under review, the brewer's revenue grew 3.2% to RM618.99 million from RM599.66 million in 3QFY2023. No dividend was declared for the quarter.

“The group is encouraged by its overall performance, supported by recent macroeconomic developments that indicate signs of stability, fostering the group's optimism for a gradual improvement in consumer confidence,” the brewer said in a bourse filing.

For the first nine months of FY2024 (9MFY2024), the group’s net profit rose 13.3% to RM325.89 million from RM287.73 million in 9MFY2023, while revenue grew 3.4% to RM1.97 billion from RM1.91 billion, driven by effective execution of its Chinese New Year (CNY) campaign in the first quarter.

Managing director Martijn Rene van Keulen said the brewer is focused on sustaining its growth momentum by sharpening commercial executions in preparation for CNY in January 2025.

“Guided by our EverGreen strategy to future-proof the business, we will remain agile in navigating the evolving environment and continue driving efficiency through cost optimisation across the organisation,” he said.

Heineken Malaysia also lauded the government's decision not to increase excise duties on beer, saying any hike will drive greater demand for illicit alcohol.

The group will continue to monitor and support the authorities in addressing this issue through comprehensive efforts and promoting greater market awareness, it said.

Shares in Heineken Malaysia closed four sen or 0.2% lower at RM22.92 on Tuesday, giving the brewer a market capitalisation of RM6.92 billion. Year-to-date, the stock has fallen 5.05%.