Sumol+Compal has reported soaring profits in 2013, as sales rose slightly in the period.

The Portuguese soft drinks and bottled water company, which also owns the Tagus beer brand, said earlier this week that net profits in the 12 months of last year leapt by 389% on 2012, coming in at EUR4.4m (US$6.1m). Sales in the year inched up, however, by 2% to EUR289.3m.

Operating profits totalled EUR24.6m, according to the company’s non-audited report submitted to the Portuguese Securities Market Commission this week.

The performance comes in a year when Portugal’s GDP shrank by almost 2% and private consumption dropped by between 2% and 2.5%. Domestic sales were flat at EUR215.1m, while sales abroad increased by 7.7% to EUR86.5m.

Sumol+Compal, which came about when Sumolis acquired the majority stake of Sumolis held by Grupo Caixa Geral de Depositos in 2008, said that it expects Portugal’s beverages market to continue to drop in value in 2014, although this decline “may be clearly less pronounced than in recent years”.