KUALA LUMPUR, Feb 19 — Heineken Malaysia Berhad posted a net profit of RM154 million for its 2020 financial year ending December 31, down 50.7 per cent year-on-year.

It said its revenue declined 24 per cent to RM1.76 billion versus RM2.32 billion in the previous year, citing the movement control order (MCO) that forced the temporary closure of its local brewery operations.

Heineken said it was able to mitigate some of the effects of the MCO through the cost-saving measures it implemented.

Heineken Malaysia managing director Roland Bala described 2020 as a difficult year for the group.

"For the first time in our history, we had to suspend production and business operations for an extended period following the Government’s MCO. 

"Adverse conditions in the external environment have impacted the on-trade channel in particular, whilst restrictions on social activities have affected consumption in general,” he said in the statement announcing the financial results.

Heineken said its board has proposed a dividend of 51 sen per share for the 2020 financial year, which will be paid out on July 28, subject to approval.