Heineken warns of ongoing Covid-19 impacts in 2022

Dutch brewing company Heineken warned on Wednesday that the Covid-19 pandemic would continue to weigh on revenues in 2022, with impacts stemming from inflation and supply chain bottlenecks being particularly significant.

Heineken posted stronger than expected earnings, with operating profits rising 43.8% on a like-for-like basis to €3.41bn, above guidance of €3.30bn as it sold 4.6% more beer year-on-year in 2021, with improved sales in all regions except Asia and price increases and a pivot to pricier beers driving a 12.2% jump in net revenues.

However, while Heineken, which previously said its 2021 results would be below 2019's pre-pandemic comparative performance, claimed it was still aiming for an operating profit margin of 17% in 2023, the firm cautioned that there was "increased uncertainty" given the economic environment and rising input costs.

Heineken also highlighted it had now achieved €1.3bn of an overall €2.0bn savings plan that involves the curing of 8,000 jobs.

As of 1055 GMT, Heineken shares were up 2.25% at €97.44 each.