Coca-Cola HBC H1 Profit Down; EBIT Up

(RTTNews) - Coca-Cola HBC (CCHGY), a strategic bottling partner of The Coca-Cola Company, on Wednesday reported a decline in its net profit for the first half, despite a revenue growth of 3.1 percent from last year.

The Group's net profit edged down by 1.1 percent to 381.6 million euros, and basic earnings per share slid by 0.7 percent to 1.043 euros. On a comparable basis, net profit declined by 2.2 percent to 380.3 million euros, and basic earnings per share slipped by 1.7 percent to 1.040 euros due to higher finance costs.

Meanwhile, EBIT was up 1.6 percent to 566.1 million euros, and comparable EBIT rose by 0.6 percent to 564.1 million euros.

For the half year, the Group's net sales revenue improved by 3.2 percent to 5.175 billion euros, impacted by unfavorable foreign currency movements. Net sales revenue grew 13.6 percent on an organic basis, primarily driven by pricing initiatives, further supported by volume growth and favorable category and package mix.

Looking ahead, for the full year 2024, the Group now expects organic revenue growth of 8-12 percent, and organic EBIT growth of 7-12 percent.