Coca-Cola HBC HY Profit Drops

Coca-Cola HBC AG (CCH), a Consumer Packaged Goods business and bottling partner of Coca-Cola Co. (KO), reported that its net profit after tax attributable to owners of the parent for the six months ended 1 July 2022 dropped to 152.9 million euros or 0.418 euros per basic share from last year's 233.1 million euros or 0.639 euros per basic share, mainly due to impairment charges relating to operations in Russia.

Comparable net profit grew by 34.5% compared to the prior-year period due to higher operating profitability. Comparable basic earnings per share were 0.865 euros compared to 0.646 euros last year.

Net sales revenue for the period was 4.21 billion euros up 29.6% from the prior year, driven by the consolidation of Egypt, as well as pricing initiatives, volume growth and mix improvements, supported by favourable foreign currency movements. On an organic basis, net sales revenue grew by 19.4% during the first half of 2022, compared to the prior-year period.

Volume for the period was 1.33 billion unit cases up 18.1% from the prior year.

The company reinstated guidance for 2022 and expects to generate comparable EBIT in the range of 740 million euros -820 million euros.

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