LONDON, Feb 14 Reuters Dutch brewer Heineken39;s 2024 profit could fall significantly below analyst estimates owing to geopolitical and economic volatility, it said on Wednesday, sending its shares down as much as 6.5.

Analysts on average expect the world39;s secondlargest brewer to achieve 9.9 organic operating profit growth over the coming year, helped by decreasing costs from last year39;s high level.

Heineken, however, said growth could be anywhere between a low and high singledigit percentage, given the volatile global environment.

It had already warned that tough economic conditions could weigh on demand in some markets this year.

We remain cautious about the global economic and geopolitical outlook, Chief Executive Dolf van den Brink said in the company39;s fullyear results statement, adding that Heineken aims to drive revenue by a balance of volumes and prices.

Beer brewers raised prices significantly throughout 2023 to offset steep increases in costs, hurting volumes.

Heineken39;s volumes fell by 4.7 organically in 2023, with more than 60 of that driven by declines in Vietnam and Nigeria, two key markets for the group where economic and political conditions hurt sales.

The company cut its 2023 forecast in July, citing turmoil in those markets. Vietnam is one of Heineken39;s largest markets and has in the past been a key profit driver.

Some analysts said its 2024 outlook could prompt cuts to consensus earnings forecasts.

But Steve Minnaar, a fund…