Heineken 2017 Profit, Revenue Increase; Warns of Further Volatility
By Maryam Cockar
Heineken NV (HEIA.AE) said Monday that net profit and revenue increased in 2017, and warned that it expects economic conditions to remain volatile in the current year.
The world's second-largest brewer by sales said that it made a net profit of 1.94 billion euros ($2.38 billion) in 2017 compared with EUR1.54 billion a year earlier.
Operating profit before exceptional items and amortization--the company's preferred metric--was EUR3.76 billion compared with EUR3.54 billion in 2016, it said. Its operating margin improved to 17.2% from 17%, it said.
The company said revenue increased to EUR21.89 billion from EUR20.79 billion.
Group consolidated beer volume rose 3% with growth in all regions, Heineken said.
The Amsterdam-listed company raised its final dividend to EUR0.93 a share from EUR0.82 in 2016, bringing the total dividend for 2017 to EUR1.47, up from EUR1.34.
Heineken said it expects a negative impact from foreign currency translation in 2018 compared with 2017 and that the operating profit margin will grow around 25 basis points. The company also estimates an effective group tax rate of around 28% compared with 27.6% last year.
Write to Maryam Cockar at firstname.lastname@example.org
(END) Dow Jones Newswires
February 12, 2018 01:54 ET (06:54 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.