Amsterdam, July 29 – Dutch brewing giant Heineken reported a significant decline in profitability in the first half of 2024. The company posted a net loss of 95 million euros, a stark contrast to the 1.16 billion euro profit in the same period last year.
The main reason for the loss was the impairment of its investment in the Chinese company China Ressource Beer. In addition, the company faced higher costs related to inflation and the closure of some breweries.
Despite the loss, the company’s revenue grew slightly by 2.2%. Heineken also announced that it is continuing its efforts to reduce costs and plans to save approximately 500 million euros this year.
