Coca-Cola released its H1 results today

Coca-Cola released its H1 results today

Earlier today (22 July), The Coca-Cola Co reported a drop in first-half profits and sales. Here, just-drinks takes a look at how each region has performed for the soft drinks giant:

Eurasia & Africa

H1 volumes were up by 4% while sales dropped by 4% and operating profits by 3%. In Q2, volumes were up by 5% though sales dropped by 4% and operating profit by 13%.

Double-digit volume growth in Q2 in the Middle East, South Africa, East Africa and Pakistan was tempered by a mid single-digit decline in Russia. Sparkling beverages gained volume share in Q2 while growing volumes by 3%, led by brand Coca-Cola. Still beverage volumes grew by 12% in the quarter.


The company said the region performed better in Q2 than in a “challenging” Q1. H1 volumes were down 2% but sales were up by 8% and operating profits up by 6%. In Q2, low single-digit volumes growth in Northwest Europe and Nordics, Germany and Iberia business units were offset by a 4% decline in Central and Southern Europe, resulting in flat volumes growth.

Sales in the quarter dropped by 7% and operating profits by 7%. Sparkling beverage volumes were even in the quarter, with brand Coca-Cola and Coca-Cola Zero both delivering positive results. The company grew value share in still beverages because of gains in juices and juice drinks as well as sports drinks.

Latin America

Latin America’s volumes were flat in the quarter and sales dropped by 9% and operating profits by 13%. In Q2, volumes were even, with 8% growth in Latin Centre offset by a 3% volume decline in Mexico. Brazil’s volumes were even as FIFA World Cup promotions were offset by “aggressive competitive activity”, Coca-Cola said.

Sparkling beverage volumes fell by 1% in the region because of the impact of an excise tax in Mexico implemented at the beginning of this year. Still beverage volumes in LatAm grew by 3%, while sales in the quarter were down by 8% and operating profits down by 13%.

North America

The region saw H1 volumes stay flat while sales dropped by 1%. Operating profits jumped by 17% in the half. Q2 volumes and sales were flat while operating profits increased by 13%. Sparkling beverage volumes were even in the quarter.

Brand Coca-Cola volumes grew by 1% in the quarter, while the flavoured sparkling portfolio also performed well, with Fanta up 4% and Sprite up 2%. There was, however, “softness” in Diet Coke. Still beverages grew value share and maintained volume share in the quarter on 1% volumes growth.

Asia Pacific

Volumes in the region increased by 8% though sales and operating profits dropped by 3%. The unit grew volumes 8% in the second quarter as the sparkling portfolio posted a volumes lift of 9%, with brand Coca-Cola and Sprite both “contributing significantly” to this growth, Coca-Cola said.

Still beverage volumes grew by 7% in the quarter. China continued its momentum into the second quarter, delivering a 9% volume increase behind a strong start to the summer’s 'Share a Coke' campaign and new product innovations targeting higher price points. India grew volumes double digits.

Japan saw volumes rise by 1% despite an increase in consumption tax for the first time in over 15 years.