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    Price hikes drive Mondelez revenue growth; weak outlook for 2024

    REUTERS/Michael Buholzer/File Photo

    Mondelez International has reported a 14.4 per cent increase in net revenues for its 2023 fiscal, driven by both pricing and favorable volume/mix.

    While organic net revenue growth stood at 14.7 per cent in 2023, the Cadbury and Oreo maker said it expects the metric to fall between 3 to 5 per cent in 2024, citing “greater than usual volatility” as a result of geopolitical uncertainties.

    Adjusted gross profit increased 18.8 per cent, on constant currency, to $13.3 billion (£10.5bn) in 2023, and gross profit margin increased 230 basis points to 37.5 per cent, due to pricing, lower manufacturing costs driven by productivity and favorable product mix, partially offset by higher raw material and transportation costs.

    Adjusted earnings per share were $3.19, up 19.0 per cent.

    “Our 2023 results underscore the strength of our execution, the importance of our investments and the resiliency of our portfolio, footprint, categories, and brands. We delivered double-digit top-line and earnings growth for the year, leading to strong cash flow generation and capital return to shareholders. Our growth was balanced across developed and emerging markets, with robust performance in all regions,” said Dirk Van de Put, chairman and chief executive

    “As we enter 2024, we continue focusing on strong execution, supported by a significant increase in investments behind our brands, capabilities, and talent. We remain confident that we are well positioned for sustainable top- and bottom-line growth in the years ahead.”

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