CocaCola HBC AG says Nigerian unit returns to profit

CocaCola HBC AG says Nigerian unit returns to profit

CocaCola HBC AG, the owner of the Nigerian Bottling Company, NBC, said its Nigerian unit is now back into profit in its latest disclosure for the first half of the year.

The company said Nigeria and Russia, two of its largest emerging markets delivered 5.1% volume growth for the first half of the year.

Coca-Cola HBC AG, the largest bottler of The Coca-Cola Company said its net profit for the first half of the year rose by 13% on a year on year basis.

Profit for the period rose to €216.9 million compared to €191.6 million reported in the year before.

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:

“The evolution of our portfolio is gathering pace and gaining traction with customers across our markets. We have delivered a strong set of results as product launches and tailored commercial activation enabled us to capitalise on favourable market conditions and the FIFA World Cup. Revenue growth was excellent driven by both volume and price/mix improvements across all three of our geographic segments. Margins continue to improve as we keep our focus on driving top-line growth and cost control.

“We continue to make good progress against the 2020 targets and expect to deliver another year of revenue growth and improvement in margins.”