Beer Group President And Anadolu Efes Ceo Onur Altürk Comments
It is my pleasure to close out 2023 leaving behind remarkable accomplishments despite encountering so many challenges throughout the year. We navigated a challenging landscape marked by declining trends in certain operating markets, a persistent inflationary environment necessitating aggressive pricing strategies, and the unfortunate natural disasters in Türkiye and Pakistan, all of which put significant pressure on our business. Yet, we were able to strengthen our positions in most of the operating markets. Our solid topline, coupled with robust profitability, has once again resulted in an outstanding level of Free Cash Flow. These achievements are the testimony to the amazing organization that the team have built. As we move forward, I am committed to ensuring that we emerge even stronger, building upon this success.
In the beer group, our strong performance since the beginning of the year has resulted in a remarkable volume growth, significantly outpacing our initial expectations. This success can be attributed to our enhanced positions in the operating markets, driven by new brand introductions and strong core brand focus.
In 2023, the Russian beer market stabilized, marking a slight increase compared to the previous year. Despite ongoing pricing challenges, we maintained our commitment to a balanced profitability and volume strategy. This allowed us to close another year in line with our longstanding focus on value generation. In Türkiye, building upon the outstanding performance achieved in 2022, we witnessed further growth in volumes, consistently impressing us in each quarter of the year. This growth is particularly important given the challenging operating environment, primarily driven by decreasing purchasing power in the country. Our success can be attributed to a strategic blend of the right product mix, pricing strategies, and excellence in execution.
Our soft drinks operation has just completed the acquisition of Coca-Cola Bangladesh Beverages Limited from The Coca-Cola Company. Bangladesh is a vast geography promising immense potential for growth, which we believe will not only enhance CCI's robust position in the region but will also add substantial value.
Also, I am very pleased to share that our Board of Directors proposed TL 1.4 billion dividends for 2023. Looking into 2024, I am confident that our persistent commitment to winning portfolio, operational excellence, financial discipline coupled with our digitalization strategies and solid teamwork, will result in even greater successes. I am excited to continue building a future of growth, opportunity, and achievements in order to create value for our shareholders this year and beyond.