TURKEY: Coca-Cola Icecek boosts sales, volumes as international unit stays strong
- Q1 net profits down 95% to TRY12m (US$5.8m)
- Net sales up 25% to TRY1.15bn
- Operating profits up 11% to TRY67m
- Volumes up 13%
CCI released its H1 results last week
Coca-Cola Icecek (CCI) has posted a strong jump in net sales and volumes as its international arm continued to expand.
Net profits were down 95% to TRY12m (US$5.8m) in the three months to the end of March, the group said last Friday (9 May). The drop was attributed to the consolidation of its Pakistan operations in the same quarter last year.
The group, which is majority-owned by Turkey's Anadolu Efes, said Q1 net sales rose by 25% to TRY1.15bn, while operating profits climbed 11% to TRY67m.
Q1 volumes for its international operations rise by 21% to 99m unit cases, while net sales improved by 17% to TRY241m, the world's sixth largest bottler of Coca-Cola said.
In major markets Pakistan, Kazakhstan and Iraq, volume growth was in double digits, CCI said.
Domestic performance was also strong, with volumes up 7% and net sales up 11%. CCI said the growth was due to higher than average temperatures and successful campaigns.
CCI has seen strong growth in the past few quarters, although the latest first-quarter was slightly down on last year's when domestic volumes grew by 8% and international by 43%.
Burak Basarir, the company's CEO, said “re-energising" growth of CSDs is a priority, adding that he expects the company to deliver “solid results” in the rest of the year.
To read CCI's full statement, click here.
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