Heineken NV , the world's second-largest brewer, has reported an increase in third-quarter beer sales, with growth in all regions except Europe and the United States. As Kate King reports, it's latest strategy involves betting on Formula One to help it reclaim the title of leading global lager from Budweiser.
Heneiken is raising the bar in 2017, reporting a Q3 increase in beer sales. Net profit for the first 9 months of the year also up 1 percent to 1.4 billion euros. That was led by very strong growth in Asia Pacific, excluding China, which saw a 12.2 percent increase in beer volumes. While Africa, Middle East & Eastern Europe had organic growth of 8.8%. Results in Europe were a little more sobering. A poor summer and tough competition dampening sales in France, Britain Poland and its home market the Netherlands. Growth in the Americas was muted. The Dutch brewer has been trying to refresh its image in Asia, in order to reclaim pole position as leading global lager. The Heineken Chinese Grand Prix in April, was designed to make a splash in the world's biggest market, where sales are driven largely by its cheaper Singapore-based Tiger beer brand rather than its higher-margin namesake lager. Despite the upbeat data, the market appeared luke-warm on the results with shares relatively flat in morning trade.