By Ian Walker
Heineken NV on Monday reported a swing to net profit for the first half and backed its full-year expectations.
The Dutch brewer said it expects earnings for the year to remain below 2019. The rise in commodity costs are expected to start affecting the business in the second half of the year and have a material affect in 2022, it said.
Heineken made a net profit for the half year of 1.03 billion euros ($1.22 billion) compared with a loss of EUR297 million in the year-earlier period.
Beia net profit--one of the company's preferred metrics--rose to EUR896 million compared with EUR227 million for the first half of last year. Beia is before exceptional items and amortization of acquisition-related intangible assets.
Net revenue for the period rose to EUR10.01 billion compared with EUR9.24 billion for the first half of 2020.
The brewer said volume for the Heineken brand rose 20% organically on year.
The board has declared an interim dividend of 28 European cents.
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(END) Dow Jones Newswires