Heineken, the world’s third-biggest brewer, reported first-quarter sales that beat analyst estimates, as demand for its namesake beer surged in markets including Nigeria and Brazil.

Revenue gained 3.4 per cent, compared with the 2.9 per cent median estimate of 12 analysts surveyed by Bloomberg News, Amsterdam-based Heineken said.

Beer volume rose 1.5 per cent compared with the 1.6 per cent median analyst estimate.

Both figures are reported on a so-called consolidated basis, and exclude effects of acquisitions, disposals and currency swings.

“It is particularly pleasing to note that two of the group’s growth engines, Africa and America, are kicking back into gear,” Jonathan Fyfe, an analyst at Mirabaud, wrote. – (Bloomberg)