Heineken, the Dutch brewer, reported a jump in first-zone earnings and income on Wednesday, but warned that it may be able to raise prices further due to rising commodity costs.<\/p>\n\n\n\n
After AB Inbev, the world’s second-largest beer company evolved, boosted by Europeans and Asians returning to pubs and restaurants, as well as improved rates.<\/p>\n\n\n\n
For the first three months of 2022, net earnings were 417 million euros, more than double the figure for the same period in 2021.<\/p>\n\n\n\n
The figure excludes a 400-million-euro damage projected as a result of Heineken’s decision to leave Russia following the invasion of Ukraine; the business says it will provide an update when its half-year results are released.<\/p>\n\n\n\n
Beer sales increased by 5.2 percent by volume, with bigger rises in Europe as Covid restrictions were removed. Turnover increased by 36 percent to over seven billion euros.<\/p>\n\n\n\n
Inflation has been lingering in many countries, with prices for oil, cereals, and grains rising in tandem with news that Russia invaded Ukraine on February 24.<\/p>\n\n\n\n
Heineken, which employs 1,800 people in Russia, announced last month that it may sell its business in the United States. Because it was “not sustainable nor feasible in today’s environment.”<\/p>\n\n\n\n
Since the conflict began and sanctions were imposed on the United States, hundreds of Western companies have closed storefronts and offices in Russia.<\/p>\n\n\n\n
“The situation in Ukraine has added to the global economic outlook and commodity market instability,” Heineken stated in a quarterly statement released on Wednesday.<\/p>\n\n\n\n
“Expect growing inflationary pressures to impair household disposable income and, as a result, a risk to beer consumption later this year,” the business stated.<\/p>\n\n\n\n
“Further cost pressures are arising from growing input costs, supply chain issues, and the decision to exit Russia,” the company said, adding that it will “take additional actions” as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"
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