Coke bottling partner’s profits and dividends rise as Irish staff numbers fall

The Irish arm of Coca-Cola Hellenic Bottling Company, which bottles and distributes Coke and other products, raised the dividend paid to its shareholders last year by 42 per cent while the pay of its directors rose by 22 per cent, as the company axed 30 roles in its operation in the Republic.

Accounts recently filed for Coca-Cola HBC Ireland, the local arm of the London-listed Coca-Cola HBC, show its sales last year surged by more than 16 per cent to €283.9 million, while profits before tax were up by almost 70 per cent to more than €29.5 million.

The drinks company’s financial results were also well in advance of its pre-pandemic performance. In 2019, the last full year before the arrival of Covid-19 disrupted the economy, Coca-Cola HBC’s Irish sales were €211.3 million, 25 per cent below its latest revenues.

The accounts show it accelerated the payment of dividends from the Irish operation throughout the pandemic. Last year, it paid €30 million to the group, up from €21 million the prior year. Before the pandemic, it paid no dividend in 2019 and just €5 million in 2018. The accounts for 2021 show it also paid an interim dividend of another €15 million in May of this year.

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Directors’ pay last year rose by more than one-fifth to more than €1.1 million. However, the financial statements reveal that the average number of people employed fell by about 30 roles to 256. Coca-Cola HBC Ireland was reported to be considering implementing redundancies in late 2020.

The accounts also show the company repaid €81,000 in subsidies to the State in 2021, after claiming €348,000 in 2020 as the pandemic hit.

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Its parent group is about one-fifth owned by the Coca-Cola Company, with a further 23 per cent owned by a company controlled by the Leventis-David family, the Greek family that established HBC.

The company bottles and distributes Coca-Cola products in Ireland and more than 25 other countries, mostly in Europe and Africa. It is also associated with the Monster energy drink brand, while in the Republic it has branched out into the distribution of spirits and coffee.