Heineken reported a better-than-expected 20 per cent jump in first-half net profit on Wednesday as the Dutch brewer made up for declining volumes with “robust” pricing on premium brands and a company-wide cost-cutting drive.

The group said it expected to end the year with high single-digit growth in its “organic” net profit, excluding exceptional items and currency fluctuations, compared with a 12 per cent growth in that figure in the first half. Net profit for the first six months of the year rose to €489m ($700m) or €1 per share from €407m or 83 cents a year ago.