Swire Pacific Limited Announces 2024 Annual Results

Swire Pacific announces 2024 annual results. Swire Coca-Cola gave a solid performance in 2024 as it continued to grow its footprint in South East Asia. The business reported a recurring profit of HK$1,388 million in 2024, compared with HK$2,394 million in 2023. The decrease in profit was mainly driven by the disposal of Swire Coca-Cola, USA in the second half of 2023, partly offset by the profit contribution from newly acquired franchise businesses in Thailand and Laos. Excluding the effect of the disposal of Swire Coca-Cola, USA, recurring profit increased by 20%. Recurring profit from the Chinese Mainland increased by 11%. In February 2024, Swire Coca-Cola entered into an agreement and conditionally agreed to acquire, in two phases, a majority stake in ThaiNamthip Corporation Public Company Limited (“ThaiNamthip”), which owns and operates the Coca-Cola franchise in northern and central Thailand and, through its non-wholly owned subsidiary, in Laos. As of 31st December 2024, Swire Coca-Cola became interested in approximately 55.6% of the issued share capital of ThaiNamthip.

Below are the performance highlights of Swire Coca-Cola:

• Swire Coca-Cola made an attributable profit of HK$2,039 million in 2024. This included a non-recurring gain of HK$651 million, mainly due to the higher Thai Baht exchange rate during the relevant period and the remeasurement of Swire Coca-Cola’s equity interest to fair value with the additional shares acquired when TNTC and Lao Coca-Cola Bottling Co., Ltd. (LCCB) became subsidiaries. Attributable profit in 2023 included principally a non-recurring gain of HK$22,907 million arising from the disposal of the franchise business in the USA. Excluding non-recurring items in both years, the recurring attributable profit in 2024 was HK$1,388 million, representing a 42% decrease from 2023.
• Total revenue (including that of Shanghai Shen-Mei and excluding sales to other bottlers) decreased by 27% to HK$37,932 million.
• Sales volume decreased by 7% to 1,796 million unit cases.
• Revenue grew despite lower sales volume in the Chinese Mainland and Cambodia. Both revenue and volume increased in Taiwan region. Revenue remained flat in Hong Kong SAR and Vietnam despite lower sales volume.

For more information: https://www.swirepacific.com/storage/fm/PressRelease/pdf/en/p250313a.pdf