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Heineken sales miss estimates on Africa, Russia

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London - Heineken, the world’s third-largest brewer, reported sales growth that missed expectations as demand waned in key regions such as Africa, Russia and the Middle East.

First-half beer volumes on an organic basis rose 4.1%, the company said in a statement on Monday, less than the 4.3% estimate, and revenue growth on the same basis missed analysts’ expectations in all regions save for Europe. The below-par performance offset earnings that came in line with analysts’ estimates. The shares fell 2.9% in early Amsterdam trading.

Growth in the period was “modestly disappointing,” Eamonn Ferry, an analyst at Exane BNP Paribas, said in a note.

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