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
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”.