Heineken books €2.8 billion profit selling more beer at higher profits

Heineken booked a net profit of 2.8 billion euros last year, up 30.7 percent compared to the year before. The Dutch beer giant sold more beer at higher prices, compensating for the higher costs of raw materials, energy, and personnel, Heineken reported on Wednesday.

The brewer sold nearly 257 million hectoliters of beer, 7 percent more than in 2021. Heineken’s total revenue amounted to 34.6 billion euros, 19 percent higher than the year before.

Heineken is pleased with the solid results achieved in a “continuously challenging and volatile market,” CEO Dolf van den Brink said. “Compared to (pre-pandemic) 2019, volume has now fully recovered, net revenue is ahead by close to 18 percent and operating profit by over 11 percent.”

This year, Heineken expects the global economic outlook to remain challenging. Costs for ingredients will likely increase further, by 16 to 19 percent this year, and the group may have to increase beer prices again to recoup those extra costs. Heineken expects this will dampen its sales figures for 2023.