Heineken's Profit Plummets as Beer Sales in Asia Decline

Heineken reported a 9% drop in net profit in the first half of the year, largely due to a decline in beer sales in Asia Pacific, particularly in Vietnam. The company cited an economic slowdown and its own underperformance in Vietnam as reasons for the weaker demand. Additionally, socioeconomic volatility in Nigeria and a decline in premium beer sales in Russia also contributed to the decline in profits. Heineken expects inflationary pressures to ease in the second half of the year but has revised its earnings guidance to "stable to mid-single-digit" growth in operating profit for the full year.