Heineken Holding NV on Wednesday reported a 14% rise in net profit for 2019 and said it expects organic adjusted operating profit growth for 2020 in the mid-single digits.

The Amsterdam-based brewer

HEIA, +0.37%,

which also owns the Sol, Birra Moretti and Tiger beer brands, made a net profit of 2.17 billion euros ($2.37 billion) for the year compared with EUR1.91 billion a year earlier and consensus forecasts of EUR2.16 billion, taken from the company’s website.

Net revenue rose to EUR23.97 billion from EUR22.49 billion, and consensus forecasts of EUR23.82 billion, taken from the company’s website.

Adjusted operating profit–one of the company’s preferred metrics which strips out exceptional and other one-off items–was EUR4.02 billion compared with EUR3.81 billion for 2018. Adjusted operating profit was forecast to be EUR3.94 billion, taken from FactSet and based on 15 analysts’ estimates. On an organic basis, adjusted operating profit was up 3.9%.

Consolidated beer volume rose 3.1% on an organic basis in the year while volumes of Heineken branded beer were up 8.3%, marking its best performance in more than a decade, the company said.

The world’s second-largest brewer said it isn’t possible to assess the extent and duration of the impact of coronavirus on the economy and business at this time.

The board has declared a final dividend of EUR1.04 a share, taking the total payout for the year to EUR1.68 compared with EUR1.60 in 2018.

Late Tuesday Heineken said that Chief Executive Jean-Francois van Boxmeer will step down after leading the company for 15 years, and named Dolf van den Brink, who currently heads its Asia Pacific operations, as his successor. Mr. Van den Brink will join its executive board on April 23 and Mr. Van Boxmeer will hand over his responsibilities on June 1.

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2020-02-11