Coca–Cola surprised the market, beating market       estimates on both earnings and revenue in Q2. Organic revenue       increased 16%, while net revenue increased 12% as currency headwinds       weighed on the top line.

This multinational giant has a beverage       basket portfolio in excess of 200 brands, achieving exceptional financial       results, on the back of strong pricing power, and has also benefited from       product diversification. It has achieved robust results despite       challenging operating conditions, such as spiraling inflation, supply       side impediments and weak global markets.

· Product innovation has proved to be a       major plus factor, with a move into low sugar beverages, health drinks,       energy sports drinks, and Vitamin Waters amid the relatively new beverage       innovations.

Operating margins were maintained through       strong top-line growth, offsetting higher operating costs and marketing       spend, which was scaled up to create global brand campaigns.

Coke's nutrition juices, dairy, coffee and       tea also showed good growth as did hydration beverages, also benefiting       from a recovery in away-from-home channels, with an opening up of global       economies. The group gained additional market share in most categories.

The cherry on the top was the strong       guidance, with the company expecting to deliver full-year organic revenue       growth of 12-13%, up from its previous guidance of 7%-8%.

Coke is a high-quality share, which I hold       in our segregated portfolios. I have recently added to the position as I believe this is not only a defensive investment but should also reward       shareholders with increasing dividends.