Heineken, the world’s second-largest brewer, has reported declining beer sales in Nigeria and South Africa in its third-quarter report, blaming high inflation and currency devaluation in these markets.
The company’s global beer volumes fell by 4.2% in the July-September period, with declines in all regions except the Americas. However, Heineken managed to boost its net revenue before one-time items by 4.5%, thanks to higher prices.
According to Nairametrics, Heineken’s net revenue in Nigeria grew by a low single digit, driven by pricing to partially mitigate significant inflation and currency devaluation. However, total volume declined in the twenties, behind the market.
Source: Business Insider Africa
