Low oil prices are hitting Heineken in petroleum-producing but the chief executive of the world's third-largest brewer told CNBC that the company and its key brand of lager still have "miles to grow."
Reporting full-year results for 2015 on Wednesday, Heineken increased its dividend by more than expected, forecasting higher revenues and profits in 2016.
In its earnings release, the brewer said consolidated beer volume grew 2.3 percent in 2015 with positive growth in the Americas, Asia-Pacific and Europe "offsetting weaker volume in Africa, Middle East & Eastern Europe."
Looking ahead, the company said it expected to deliver more profit growth "despite an increasingly challenging external environment." Speaking to CNBC after the results were released, Heineken's Chief Executive Jean-François van Boxmeer explained which challenges the company faced.
"Low oil prices in oil-producing countries are affecting us very obviously, like in Nigeria," he told CNBC Europe's "Squawk Box."
"Money flows because of the oil and often delays in civil servants being paid translates into purchasing power diminishing and the market is rather under pressure because of that but still, seeing the oil price fall in a country like Nigeria, we're pretty resilient."
"We have a very diversified portfolio geographically and that spread provides a natural hedge against these sorts of crises," van Boxmeer said.
The brewer of Europe's top lager Heineken, Tiger and Sol said it would propose a dividend of 1.30 euros per share, above the 1.10 it paid out last year and beyond the 1.26 expected in a Reuters poll of 14 analysts.
Van Boxmeer said the company, which owns around 200 brands, would still focus on its key brand, Heineken.