Heineken 1st Half Hurt Significantly by Pandemic; All Metrics Down

By Ian Walker

Heineken NV on Thursday said its business was significantly hurt by the coronavirus pandemic in the first half of the year with revenue, volumes and profits all down.

The Dutch brewer added that it has a strong balance sheet, undrawn committed credit facilities and is confident it can "navigate the crisis while continuing to build a bright future."

Revenue for the first half of the year fell 16% on an organic basis, driven by a 13% fall in total volumes. Beer volumes fell 12% organically, with the Americas, Africa, the Middle East and Eastern Europe the most hit. However, Asia was the most resilient region, driven by Vietnam.

Heineken--which owns the Sol, Birra Moretti and Tiger beer brands--said operating profit fell 53% during the half year with net profit down 76% on an adjusted basis.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

July 16, 2020 02:49 ET (06:49 GMT)

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