HEINEKEN Malaysia Bhd has secured a renewal of its agreement with international beer and spirits producer Diageo to have Heineken be Diageo’s licensee in Malaysia.
“We managed to secure and renew the agreement with Diageo to continue to be its licensee for the brands in Malaysia. Our portfolio is a good combination of Asian products, as well as international brands,” said Heineken managing director Roland Bala.
This is despite the uncertainties due to the effects of Covid-19 on the global economy as well as the Malaysian economy, as well as how consumer sentiment will adapt to it, according to Bala.
“In the meantime, Heineken will continue to explore brands that it can add to its portfolio, and we are watching the market for new innovations that are relevant to the changing needs of the consumer,” said Bala at a briefing today.
The briefing was about Heineken’s results for the quarter ended June 30, which saw the brewery taking a 51% drop in revenue to RM254 mil for the quarter due to its compliance with the MCO, which saw 46 days of operation suspensions for the company.
The 46 days of suspension also saw the company recording zero revenue for the duration. This resulted in a net loss of RM18 mil for the quarter, something Bala noted is “a first in living history.”
At the end of the trading day, Heineken’s shares were last done at RM22, down 20 sen, with 211,500 shares traded. – Aug 14, 2020
