Belgium: Haacht brewery turns a loss in 2023

The Haacht brewery turned a loss last year, partly due to declining beer sales in bars and restaurants, which resulted in there being no dividend for shareholders, according to parent company Co.Br.Ha.

The brewer, maker of beers such as Primus, Tongerlo, Super 8 and Charles Quint, suffered a net loss of €4.4 million in 2023. This marked a significant downturn from the previous year’s profit of €4.8 million.

The company attributes a decrease of 4.7% in beverage sales (4.4% for its own beers) and cost increases exceeding 15% to its poor financial performance.

"Rising prices for raw materials, energy costs and indexation of operating costs in 2023 were only partially offset by price increases and improved sales in the non-beer segment," Co.Br.Ha explained.

In Belgium, consumption of the brewery’s beers fell by 5.5% compared to 2022: decreasing 6% in the hospitality industry and 5% in shops. However, the company’s turnover did increase last year by 5.9%, totalling €118.9 million.

Restorative measures have been implemented to restore profitability, the brewery’s parent company confirmed. It anticipates improved margins due to falling raw material and energy prices, and a reduction in investments for 2024.

However, the brewer warns that the market conditions remain “particularly uncertain and challenging”.

"During the initial months of 2024, beer consumption in the Belgian hospitality sector has continued to decline,” it cautioned. “We hope to offset this decline by focusing more on penetrating the market with our special beers, launching a selection of non-alcoholic beers and continuing growth in the international markets."

11 April, 2024