Heineken profits quadruple to €579m

GMT 08:34 2015 Wednesday ,22 April

Arab Today, arab today Heineken profits quadruple to €579m

Dutch brewing giant Heineken
The Hague - AFP

Dutch brewing giant Heineken said Wednesday its first quarter profits had quadrupled, boosted by the sale of its Mexican packaging arm.

Net profit came in at 579 million euros ($620 million) against 143 million in the same period of 2014, with turnover rising 7.4 percent to 4.34 billion euros.

"Volumes were once again strong in Asia Pacific and Americas, offset by slightly lower volumes in Europe and more subdued volume growth in Africa Middle East," said chief executive Jean-Francois van Boxmeer.

The Amsterdam-based brewer in February made an after-tax profit of 375 million euros from the sale of its Mexican packaging unit EMPAQUE.

Heineken confirmed its 2015 full year forecast of more moderate sales, with continued growth in emerging markets offsetting weaker activity in developed markets.

Last September the family-owned company rejected a takeover bid by British-based rival SABMiller for an unspecified amount, saying it preferred to remain independent and preserve the company's 150-year history.

Valued at around 35 billion euros, Heineken is the world's third-largest brewer after SABMiller and global number one InBev.

Heineken produces and sells more than 200 brands of beer and cider, and employs nearly 70,000 people around the world.

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