Coca-Cola Icecek reports profit surge30 August 2012
Strong international sales boosted Coca-Cola Icecek in the first six months of the year to June as net profits climbed 127% to TRY185.6 million (US$102.2 million).
Coca-Cola's Turkish operation said that net sales were up 22.9% to RTY1.9 billion while operating profit increased 51.5% to TRY223.8 million. Volumes jumped 10.7% to 394.7 million.
Coca-Cola Icecek said that strong revenue growth and effective cost management had boosted the firm’s half.
International sales – which were up 36% - were the primary driver of growth and contributed 32.3% of the group’s total revenue. Last year, international sales accounted for 24% of revenue.
In Turkey, sales climbed by 9.6%.
The firm reported a 29.6% increase in international volumes and strong gains in Pakistan, Central Asia and Iraq.
The company reported impressive second quarter as profits increased 102% to TRY136.1 million, boosted by the Euro 2012 football tournament in Poland and Ukraine.
Damian Gammell said that continued domestic and international growth will enable the firm to deliver its full-year forecast.
“Coca-Cola Icecek once again delivered a very strong performance, volume up by 11%, net sales up by 27% and EBITDA up by 50% in 2Q12,” said Gammell.
“Coca-Cola Icecek is on-track to deliver its full year guidance. Sales volume growth is expected to be in mid-single digits in Turkey and in international markets in mid-teens leading to low double digit volume growth on a consolidated basis. In addition, revenues are expected to grow ahead of volumes,” he added.
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