In the revised revision of its estimates for turnover And profitability his management continued yesterday Coca-Cola HBC, a development that is linked to the very satisfactory performance of the company in the first quarter of 2023, except, of course, for activities in Russia and Ukraine. However, the company’s price increase also played a decisive role in the significant increase in sales, as sales volume increased by a much smaller percentage and mainly in developed markets.

For example, Coca-Cola HBC Managing Director Zoran Bogdanovic said yesterday that the group expects to achieve organic net sales growth in 2023 above the 5-6% target it set in February when it announced results for 2022 financial year. He expressed confidence that the group will achieve operating profit growth in the upper range of -3% to 3% on an organic basis, i.e. he expects operating profit growth of 3% in 2023. However, Mr. Bogdanovich himself emphasized, commenting on the results to analysts, that “there is no room for complacency and we recognize the uncertainty ahead and we are ready to adapt with well-prepared actions if necessary to ensuring that we carry out our plans.”

For the first quarter of 2023, the group’s net sales increased by 24.4% compared to the first quarter of 2022 to 2.2 billion euros. Group sales increased by just 2.6%. In developed markets, net sales were €696.6 million, up 21.1%, while sales were up 6%. In Greece, in particular, sales increased in low double digits, with sales of Coca-Cola Zero and mixers accounting for the largest gains, driven mainly by strong performance in the HORECA channel. Sales of energy drinks rose by 15%-17%, while sales of non-carbonated drinks showed low double-digit growth.

Group net income increased by 24.4% compared to the first quarter of 2022.

Sales growth was higher in emerging markets, at 26.6% compared to the first quarter of 2022. However, sales increased by only 2.1%. It is noted that especially in Russia, sales in organic terms fell by 30%, which is associated with the cessation of sales of Coca-Cola brands in this country after the decision of The Coca-Cola Company.

In emerging markets, net sales revenue was €412.2 million, up 24.2% from the first quarter of 2023. However, sales remained at the same level as last year.

In the next period, the group will continue its efforts to further penetrate more and more of its products into the markets in which it operates. Movements that serve a 24/7 strategy, i.e. the availability of goods for the needs of consumers at any time of the day, on all days of the week. Thus, in 2023, the promotion of energy drinks in the Egyptian market will continue, as well as the relaunch in the second quarter of the Kinley brand (soft drink for adults – mixer), which was first launched in the 70s. He also plans to launch a new Jack Daniel’s & Coca-Cola product in the Polish, Irish and Hungarian markets, and Caffe Vergnano in the Czech and Slovak markets.