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Robust performance under challenging market conditions

2017 was a year with a robust performance for CO-RO, where new product launches and new markets helped CO-RO off-set continued difficult market conditions.

Søren Holm Jensen, CEO comments: “We have continued our ‘Shape for Growth’ journey which we laid out in 2015. Despite challenging market dynamics throughout the year, we performed well in the Middle East – our biggest region - where successful product launches and partnerships secured significant market share gains for our biggest brand, Suntop. We saw a mixed performance in other regions, especially Asia had a challenging year. In all regions, we have invested in preparing our business for future growth”.
CO-RO Group achieved a net revenue of DKK 1,847 million which is at the same level as 2016 in local currencies. Profit before tax ended at DKK 214 million (11,6% of net sales), which is lower than 2016 primarily due to increased investments and higher commodity prices.

2017 key activity highlights
  • Launched 20+ new refreshing products across markets
  • Entered East Africa with new partnership and a greenfield factory in Kenya
  • Investment in new partnership set-up in Sri Lanka and construction of new factory
  • Increased capacity in Saudi Arabia with new warehouse and head office
  • Finalized new regional management set-up with regional office opened in Kuala Lumpur, Malaysia
Investing for the future

The shape for growth journey CO-RO has embarked on includes increased investment in innovation, new markets and organizational capabilities. Investments which lay the foundation for future growth.
One being Sri Lanka, where Sunquick has been loved for decades, CO-RO and the long-term local partner in mid-2017 established a new company and are in the process of building a new factory, to launch a range of new exciting products for the years to come. The new factory will start production early 2019.
CO-RO also set foot in a new emerging market, Kenya. In November 2017, CO-RO and its local partner celebrated the opening of a greenfield factory to market and sell Suntop in East Africa. By this CO-RO makes a bold move into a region with 400 million potential new consumers.
Significant investments were also made in Saudi Arabia, which is CO-RO’s biggest market. A new head office and warehouse was inaugurated to increase capacity and pave the way for future growth in this important market.
Throughout the year increased investment in innovation has resulted in more than 20 new products – e.g. Suntop Apple in the Middle East and Sunquick juice drinks across South East Asia.

Celebrating 75 Years of Entrepreneurship

Finally, as CO-RO could celebrate 75 Years of entrepreneurship, we broke grounds for a new head office and innovation center in Frederikssund, Denmark:
“This is a hallmark for our dedication to transform our business, to increase our innovation power and continue our journey to become a global refreshment company”, says Søren Holm Jensen.
To enable this journey and increase our global footprint, CO-RO has implemented a new management structure with strong local presence in our markets. To complete this, a regional office was opened in Kuala Lumpur, Malaysia, and a new Asia leadership team was put in place.
CO-RO has a long tradition of building brands and partnerships. We have a unique ownership and a solid financial foundation for the future. As Søren Holm Jensen puts it "2017 and was an important year for us, where we continued transforming our business and geared-up for growth. We are well positioned for the future and we will continue executing our strategy and bring refreshing and delightful products to consumers in existing and new markets in the coming years”.
Specialist in soft drinks Every day, our products quench the thirst of thousands of people worldwide. People all over the world recognize and prefer Sunquick, Sun Lolly and Suntop, but few know that behind these premium brands is a Danish company. CO-RO A/S was founded in 1942 by the two brothers Flemming and Jep Petersen and our product development and main production still takes place in Denmark – like it has done from the very beginning.
Joakim Vasehus, Communication Manager - 47 36 52 66

Contacts /

For more information, please contact:
Joakim Vasehus
Communication Manager