Bottler Coca-Cola HBC has beat market forecasts for first quarter revenue and reiterated its operating profit would rise this year, it was reported on Tuesday.
The company said it was supported by strong demand for its coffee, energy and sparkling drinks.
Coca-Cola HBC also continued to see strong sales even as prices rose to keep up with high costs.
The market in countries such as Egypt and Nigeria was also affected by the devaluation of their currencies.
The news comes after Coca-Cola raised its organic sales forecast on increased prices and steady demand.
The chief executive of Coca-Cola HBC Zoran Bogdanovic told Reuters, “We actually did pricing adjustments in the first quarter to actually mitigate ongoing cost inflation, but clearly this has been on a lower level than Q1 of last year.”
Price increases are expected to moderate as inflation prices are lower than last year, Bogdanovic added.
The Switzerland-based company reported a 12.6% rise in organic net sales revenue for the three months ending 29 March.
This brought organic net sales up to €2.23 billion.
Analysts in a company-compiled poll had expected organic revenue growth of 9.5%.
Shares in the company rose as much as 2.3%.
The company maintained its outlook for annual organic operating profit to increase by 3% to 9% as it ramps up investments and brand launches.
Organic revenue per case in the first quarter was up 10.6%.
