Dutch beer maker Heineken has moderated its net profit forecast for 2019 due to the volatility observed in certain markets, the company reported Wednesday.
Specifically, the firm estimates that its net profit will register an “organic” growth of 4% at the end of 2019. Previously, Heineken had predicted that the rise in profits would be around 5%.
“We are seeing increased volatility in several of our markets, something we assume will remain for the rest of the year,” said the president and CEO of the brewing company, Jean-François van Boxmeer.
Between July and September, the volume of beer produced by Heineken grew by 2.3%. By geographical areas, the highest increase was recorded in Asia-Pacific, where it advanced 13.9%, followed by Europe, with 1.6%, and Africa, the Middle East and Eastern Europe, also with 1.6%. In the US, a contraction of 0.5% was observed.
The volume of beer sold in Spain remained unchanged because the Heineken brands were “partially excluded” from the offer of a “large retailer”.