Heineken net profits surge as COVID-19 restrictions ease

THE HAGUE: Heineken posted on Monday (Aug 2) strong earnings in the first half of the year as countries lifted Covid restrictions, but the pandemic continues to affect the Dutch brewer in key markets.

Net profit rose to €1 billion (US$1.2 billion) in the first six months of 2021 after the company suffered €297 million in losses during the same period last year.

But Heineken said it expects its full-year financial results to remain below pre-pandemic levels.

"We are pleased to report a strong set of results for the first half year, whilst the pandemic continues to impact the world and our business," Heineken chief executive Dolf van den Brink said in a statement.

"Yet there is reason for caution too," van den Brink said.

COVID-19 continues to have an impact in Asia and Africa, two key regions for the brewer, while rising commodity costs will start affecting Heineken in the second half, he said.