Bottler Coca-Cola HBC reports record profit
Reuters
Published Feb 14, 2024 07:07
Updated Feb 14, 2024 07:28
(Reuters) - Coca-Cola (NYSE:KO) HBC expects profit to grow in 2024 as the bottler reported a record annual profit on Wednesday, helped by strong demand for its sparkling drinks, coffee, and energy drinks, as well as easing cost pressures.
The Switzerland-based company, in which U.S. beverage giant Coca-Cola owns about 23%, expects comparable operating profit to grow between 3% to 9% in 2024.
It reported a 17.7% rise in comparable operating profit for the year ended on Dec. 31 to 1.08 billion euros ($1.16 billion).
Beverage companies have witnessed resilient demand even as they hiked prices to pass on elevated costs to customers.
However, cost pressures have begun to ease in the past few months, bringing relief to bottlers such as HBC who have seen margins improve.
Comparable gross profit margin was 80 basis points higher in the full year, reflecting easing cost pressures in the second half of the year, the company added.
Organic revenue per case for 2023 was up 15%.
"While we expect the macroeconomic and geopolitical environment to remain challenging, we remain confident that we will continue to make progress against our medium-term growth targets," CEO Zoran Bogdanovic said in a statement.
($1 = 0.9334 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.