TURKEY: Coca-Cola Icecek international sales boosted in strong H1
- H1 net profits jump by 127% to TRY185.6m (US$102.2m)
- Net sales rise by 22.9% to TRY1.9bn
- Operating profit up by 51.5% to TRY223.8m
- Group volume increases by 10.7% to 394.7m unit cases
Coca-Cola Icecek saw first-half profits soar
Coca-Cola Icecek has posted strong first-half results as international sales grew to almost a third of the company's total revenue.
Net profits climbed by 127% to TRY185.6m (US$102.2m) in the six months to the end of June, the Turkey-based group said on Monday (27 August). Net sales increased by 22.9% to TRY1.9bn and operating profit (EBIT) jumped by 51.5% to reach TRY223.8m over the same period.
The company said the results were driven by its focus on revenue growth management and a stable input cost environment.
International sales rose by 36.6% in the first half compared to a 9.6% sales growth in Turkey. International sales accounted for 32.3% of CCI's first-half sales, up from 24% a year prior.
International volumes increased by 29.6% in H1, driven by continued strong growth in Pakistan, Central Asia and Iraq, CCI said. Iraq's share of international sales rose by three percentage points to 12% compared to last year's first-half.
Q2 results were also strong, asnet profits climbed by 102% to TRY136.1m. Sales increased by 23% to TRY1.2bn and operating profit by 54.6% to TRY190.4m.
Sparkling and still categories posted growth on the back of activation around the Euro 2012 football tournament in Poland and Ukraine, CCI said.
CEO Damian Gammell said the company is on track to hit full-year targets.
Sales volume growth should hit mid-single digits in Turkey and mid-teens in international markets, leading to low double-digit volume growth, Gammell said.
“In addition, revenues are expected to grow ahead of volumes,” Gammell said.
CCI's shares climbed 8.5% on the Istanbul stock exchange in Monday's trading.
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