However, its revenue dropped 12% to RM569.2 million from RM644.6 million in Q2 FY2022, according to Heineken’s filing with Bursa Malaysia today.

The decline in quarterly revenue was primarily attributed to a weakened consumer sentiment stemming from rising living costs and currency volatility, the group said in a separate statement.

For the cumulative six months ended June 30, 2023 (H1 FY2023), Heineken’s net profit rose 1% to RM200.4 million from RM199.5 million in the corresponding period last year.

Revenue for H1 FY2023 saw a marginal 2% drop to RM1.31 billion from RM1.34 billion in H1 FY2022.

Heineken Malaysia managing director Roland Bala expressed the group’s commitment to deliver strong growth despite the challenging economic conditions.

“The first half of 2023 remained challenging as the market went through corrections following a huge rebound in 2022 and weaker consumer sentiment due to macroeconomic concerns.

“We remain focused on our EverGreen strategy to deliver long-term sustainable and superior growth,” he said.

Under the EverGreen strategy, Heineken intends to focus on cost optimisation, brand investments and technological advancements to effectively navigate the unpredictable business environment.

The company also maintains its dedication to addressing the issue of illicit alcohol trade through collaborative efforts with authorities and heightened market awareness initiatives.

At market close today, Heineken’s share price was down eight sen or 0.31% at RM25.82, giving it a market capitalisation of RM7.8 billion.