Heineken profits from Athenian Brewery at over 85 million euros in 2020-2022

Athenian Brewery‘s sales are “up and running” in the 9th month of this year with a growth rate of 22.2%, exceeding by far the performance of 2021. This signals that the beer market has not only recovered the losses of the pandemic but – with the contribution of tourism – is aiming for a record.

In particular, based on the accounting statement of the company for the period January – September 2022, the brewery shows sales of 232.32 million euros from 190.13 million euros in the corresponding period of 2021 (an increase of 22.2%). The amounts do not include the Beer Excise Tax.

However, during the same period, profits after taxes recorded a slight increase of 0.7%. Specifically, in the 9th month of this year, net profitability was 33.23 million euros from 32.98 million euros in the corresponding period of 2021.

However, this does not seem to change anything for the dividend received by the Heineken shareholder from its Greek subsidiary.

The board of directors of Athenian Brewery decided to distribute a temporary dividend to the company’s shareholders, in the amount of 11,762,570.70 euros for the current financial year 2022.

This year’s pre-dividend was preceded by the distribution of a hefty dividend for the 2021 fiscal year, which amounted to 35.077 million euros, while for the difficult financial year of 2020 a dividend of 16.01 million euros was given.

If the 2021 “model” is followed, the total dividend to be collected by the Heineken Group will reach 35 million euros.

This means that in the three years of the pandemic and the energy crisis (2020 – 2022) its Greek subsidiary will collect more than 85 million euros.

Bacardi’s contribution

The net turnover of Athens Brewery increased in double digits in 2021, even surpassing the performance of 2019, with the increase in volume sales of beer in the domestic market at +11% compared to 2020.

Specifically, net sales, i.e. excluding excise duty, amounted in 2021 to 225.63 million euros from 179.136 million euros in 2020 and 216.78 million euros in 2019.

As stated in the company’s financial statements, net sales increased by 24.86% due mainly to the increase in the sales volume and distribution of Bacardi products.

Bacardi is largely responsible for the company’s impressive increase in pre-tax profits, which reached 34.14 million euros, an increase of 285.49%. In fact, it was 84.8% higher than in 2019.

In terms of profits after tax, these amounted to 26.69 million euros compared to profits of 6.05 million euros in 2020 and 24.63 million euros in 2019.