TURKEY: Coca-Cola Icecek stays strong in Q1 as overseas business soars
- Q1 net profits leap 455.8% to TRY274.8m
- Net sales up 45.3% to TRY917.3m
- Operating profits (EBITDA) rise 56.4% to TRY129.8m
- Export volumes up 43% to 81.7m unit cases
CCI is benefiting from its strong international operations
Coca-Cola Icecek continues to perform strongly, with a healthy leap in Q1 sales off the back of booming volumes in its international markets.
Net profits in the three months to the end of March leapt by 455.8% to TRY274.8m (US$152.8m), the Istanbul-headquartered group said on Wednesday (8 May). This jump was attributed to the consolidation of its Pakistan opearations.
Group sales in the period rose by 45.3% to TRY917.3m, as EBITDA jumped by 56.4% to TRY129.8m.
The company, which is the world's sixth largest bottler of Coca-Cola, saw Q1 volumes for its international operations rise by 43.2% to 81.7m unit cases, while sales improved by 40% to US$205m.
The group pointed to double-digit volume growth in all "key" international markets. In particular, Pakistan registered a volume rise in the "high-teens", boosted by "strong local marketing campaigns and increased market penetration". Volumes were also driven by the inclusion of its new Southern Iraq operations, which CCI acquired late last year.
Meanwhile, the bottler's domestic volumes rose by 7.5%, while sales came in up 16.1% at TRY553.2m.
Chief executive Damian Gammell branded the results a "solid" start to the year.
"We are well prepared for the high season with our enhanced product portfolio and expect the favorable cost environment as well as positive economic environment to prevail," he said.
Sectors: Soft drinks
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