TURKEY: Turkey’s Coca-Cola İçecek Sees 108 pct Rise in Net Profit

Coca-Cola İçecek (CCI), a subsidiary of Coca-Cola whose majority shares are owned by Turkish companies, has announced a net profit of TL 170 million, marking a 108 percent increase over the preceding year.

CCI, which operates 20 bottling plants in Turkey, Pakistan and 10 other countries in the Middle East and Central Asia, released a statement on Tuesday noting that its net sales profits reached TL 2.41 million with a 6.6 percent year-on-year rise.

The company said that for the first time since 2006, the year when CCI shares were partially offered to the public, the share of exports in CCI’s total sales reached 25 percent.

CCI CEO Michael A. O’Neill said in the statement that the company’s successful performance was the result of its strong and goal-oriented structure it managed to maintain during the 2009 global financial crisis. He said the company took measures to reduce costs and increase sales.

A 50.3 percent share in CCI is owned by Anadolu Efes Biracılık, a Turkish brewery, while 24.6 percent is traded on the İstanbul Stock Exchange (İMKB), 20.1 percent is owned by the Coca-Cola Export Corporation and the remaining 5 percent by the Özgörgey Group, another Turkish conglomerate.

Source: Today's Zaman