Japan: Suntory Beverage & Food increases net profit by 9% last year
Suntory Beverage & Food, a core unit of Suntory Holdings, reported on February 15 a 9% rise in group net profit to 78.1 billion yen ($734 million) for 2017, driven by brisk soft-drink demand in Asia and the popularity of new coffee products in Japan.
Sales rose 2% to 1.23 trillion yen in the year ended December, while operating profit climbed 5% to 117.9 billion yen. The figures are based on international accounting standards, which the company switched to last year. Suntory Beverage increased its annual dividend by 2 yen to 75 yen per share.
Asian sales grew 7.6% to 177.1 billion yen. In Vietnam, sales improved thanks to energy beverage Sting and the ready-to-drink Tea+. In Indonesia, Suntory Beverage enjoyed strong sales of popular cup jelly drink Okky.
In the Thai health supplement market, the company boosted sales of extract products by improving its supply system to retailers.
Sales grew in Japan thanks to the favorable reception by young consumers of Craft Boss, the latest product from the company's mainstay Boss coffee brand. The coffee comes in plastic bottles rather than the brand's signature metal cans.
Suntory Beverage expects group sales to rise 5% to 1.29 trillion yen this year, with net profit edging up 2% to 80 billion yen. It plans to raise its annual dividend by 3 yen to 78 yen.
In Japan, "extreme discount sales aimed at raising sales volume are decreasing," said President Saburo Kogo. Suntory Beverage will cut back on sales and advertising expenses.
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