Multinational snacking company Mondelēz International has reported its Q4 and FY 2023 results, revealing that its net revenue for Europe in the fiscal year (FY) 2023 was $12,857 million (approximately £10,224 million).

Mondelēz said that its net revenue for FY 2023 was $36,016 million (approx £28,658 million), while its gross profit was reported to be $13,764 million.

Net revenues increased 14.4% from the previous year, with Mondelēz also reporting that its gross profit had increased 230 basis points to 38.2%, which the company attributed to a number of factors including lower acquisition-related costs and an increase in Adjusted Gross Profit margin.

Mondelēz said it had returned $3.7 billion to shareholders in cash dividends and share repurchases.

Dirk Van de Put, chairman and CEO of Mondelēz, said: “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.

“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.”

In the coming year, Mondelēz said it expects an Organic Net Revenue growth of 3-5%, and Free Cash Flow of over $3.5 billion.