Established in 1964 and listed on Bursa Malaysia in the following year, Heineken Malaysia Berhad produces and sells beer in the country. It forms a duopoly in the local beer market alongside its competitor Carlsberg Malaysia. Heineken Malaysia boasts a robust brand portfolio, featuring the premium Heineken beer, Tiger beer with its various variants, the classic Guinness stout, and the popular mainstream Anchor beer. Most of these brands enjoy strong brand equity. In 2023, the company celebrated the 150th anniversary of its Heineken brand. Here are 10 things I learned from the 2024 Heineken Malaysia AGM.

1. Revenue decreased 7.6% year-on-year to RM2.6 billion in 2023 as the company posted a record year in 2022. The year 2022 marked the first year of recovery post-COVID-19, characterized by significant pent-up demand. Consequently, 2023 represented a year of market normalization. In general, consumer sentiment in Malaysia was below average during the first three quarters of 2023, with improvement seen only in the last quarter. A portion of

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