Heineken reports “strong” full-year results but warns of Covid-19 impact in 2022

Heineken has posted organic sales growth of 12.2% in its full-year results, but said that it expects Covid-19 to continue to have an impact on revenue in 2022.

The organic sales growth compares with the 11.9% fall in revenue the Dutch brewer reported last year, when it announced that it would cut 8,000 jobs as part of a strategy to restore its operating margins to pre-pandemic levels. Operating profit for 2021 was €3.41 billion, representing organic growth of 43.8%, driven by strong growth in revenue, “partially offset by higher variable and personnel expenses”.

In 2021, the Heineken brand saw volume growth of 7.4% and recorded double-digit growth in more than 60 markets.

Overall, the company’s consolidated beer volume grew by 4.6% on an organic basis. Premium beer volume increased by 10%, outperforming the portfolio in the majority of Heineken’s markets and accounting for over 60% of the total organic growth in beer volume.

In Heineken’s Africa, Middle East and Eastern Europe segment, consolidated beer volumes grew organically by 10.4%. The Americas recorded 8.2% growth and Europe volumes rose by 3.8%. Meanwhile, Asia Pacific saw its beer volumes decrease by 11.7%, due to pandemic-related closures and restrictions.