Coca-Cola Içecek’s net sales revenue grew by 8% to reach TL 1.3 billion in the first quarter of 2016, driven by its Turkey operations. Meanwhile net profits reached TL 29 million vs TL 91 million of loss incurred in the same period last year.
Coca-Cola Içecek (CCI), operating in Turkey, the Middle East, Central Asia and Pakistan with 25 plants and over 10,000 employees with Anadolu Group as its main shareholder, announced its 2016 first quarter results. CCI’s net sales revenue grew by 8% to reach TL 1.3 billion in the first quarter of 2016, driven by its Turkey operations. Meanwhile net profit reached TL 29 million vs TL 91 million of loss incurred in the same period last year.
CCI CEO Burak Basarir stated that he is pleased to see volume and net revenue growth during the first quarter, which is the lowest season of the year, in spite of the macroeconomic and geopolitical challenges that prevail in their operating geography. “In the first three months of 2016,number of transactions in Turkey operations increased by 10%, outperforming unit case volume growth. Even though consumer confidence remained low during the period, successful consumer campaigns and higher share of immediate consumption packages supported the growth of revenue per unit case”, said Basarir.Basarir stated that they Pakistan operations posted double-digit volume growth and expanded its margins as a result of successful promotions and rationalized discounts even with the existing competitive pressure.
Substantial free cash flow in 2016
Commenting on the full year, Basarir said: “Given the positive momentum in Turkey and Pakistan, our two largest markets, and better than expected macroeconomic environment in the Central Asia, we expect to deliver solid results for the rest of the year as parallel to our guidance. We will continue to focus on our commercial initiatives to drive volume and revenue, and efficiency programs to support our bottom line. We also expect to generate substantial free cash flow in 2016 given relatively lower CapEx spending and, having completed major capacity investments. As always, we are committed to delivering deliver sustainable and profitable growth for our shareholders."”