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PETALING JAYA: Heineken Malaysia Bhd posted a net profit of RM25.27 million for its second quarter ended June 30 (Q2’21) compared with a net loss of RM18.19 million in the same quarter of the previous year mainly due to revenue growth driven by effective revenue management, optimisation of marketing spend and on-going cost savings initiatives implemented by the group as well as the one-off settlement of the Customs’ Bills of Demand of RM7.2 million in June 2020.

Its revenue grew 37.71% to RM349.42 million from RM253.74 million reported previously due to higher sales as businesses and consumers gradually adapted to the new normal despite the intermittent lockdowns, as compared to the corresponding quarter in 2020 when the unprecedented first nationwide lockdown was imposed.

The group declared a single tier interim dividend of 15 sen per stock unit for the financial year ending Dec 31, 2021 to be paid on Nov 18, 2021.

For the six months period, Heinekan’s net profit more than doubled to RM98.81 from RM38.77 reported for the corresponding quarter of the previous financial year.

Revenue for the period grew 16.57% to RM897.16 million from RM769.63 million reported previously mainly due to higher sales from increased in-home consumption as business and economic activities started to recover in the beginning of the first half, as well as effective execution of various commercial campaigns and easing of social and economic restrictions compared to the first half of 2020.

Heinekan Malaysia managing director Roland Bala said the improvement in performance for the second quarter and first half of 2021 indicated signs of recovery and reflected the group’s continuing efforts to right size its cost base as it continue to navigate a challenging external environment.

“Unfortunately, for the second time in two years we faced another prolonged lockdown and had to suspend our brewery operations from June to August, the effects of which are not fully captured in our Q2’21 results,” he said in a statement.

On the outlook, Roland said the Covid-19 pandemic and the prolonged restrictions and lockdowns have adversely impacted the group business performance and dampened the economy recovery in the country. For the second time in two years, it faced another prolonged lockdown and had to suspend its brewery operations from June 2021 to August 2021 due to the full movement control order imposed nationwide, and restrictions were imposed on F&B outlets.

“This has impeded the group’s ability to conduct its normal business operations, including being able to satisfy domestic market demand. The continued rising of daily infection cases coupled with the uncertainties around the political landscape will affect the market sentiment and challenge the market recovery going forward.”

Despite the negative impact from the full MCO and continued market uncertainties, it will continue its initiatives to right-size the organisation and cost base to drive productivity and efficiency across the organisation.

As of Aug 20, 2021, more than 80% of the company’s workers are fully vaccinated.

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