Coca-Cola HBC the parent company of The Coca-Cola Company in Nigeria said its sales volume in Nigeria has continued to nose-dive in a highly competitive environment.
The global Coca-Cola company made this disclosure in its 2018 full year result released penultimate week, but stated that its Group volume increased by 4.2 percent in emerging markets, the volume also increased by 4.3percent with growth in all countries except Nigeria.
In developing markets, the Company said volume grew by 8.8percent driven by Poland, Hungary, and the Czech Republic.
According to the results, it recorded lower volume in Nigeria due to intense competition in Sparkling segment which comprises the trademark Coca-Cola and the Coca-Cola Zero variants, Water, while juice and Energy delivered positive results.
Highlights of the result show the second year of FX-neutral revenue growth above its 4-5percent target range, as it marches towards the company’s 2020 margin targets.
Established and developing segment countries improved price/mix at a higher rate than in 2017. Emerging segment price/mix growth was up 2.4%, a moderation from prior years due to the cycling of 2016/17 price increases in Nigeria and lower Premium Spirits sales in Russia.
Giving an outlook into the 2019 market, the company said it expects volume growth in all segments, continued improvement in FX-neutral net sales revenue per case, input cost headwind in low single digits FX headwind of €50m at current favourable spot rates, and another good year of FX-neutral revenue growth and profit margin expansion.