Monster Beverage Corporation reported financial results for the three- and twelve-months ended December 31, 2023.

Its fourth quarter results shows a net sales increase of 14.4% to $1.73billion, compared to $1.51billion in 2022. Its Q4 gross profit margin improved to 54.2%.

Rodney C. Sacks, Chairman and Co-Chief Executive Officer, said: “Innovation continues to play an important role in our strategy and contributed to our record sales in 2023. In particular, among our innovation products in the United States, Monster Energy Zero Sugar and Monster Energy Ultra Strawberry Dreams are standouts. We have a wide range of new innovation products planned for 2024 in the United States including our new Monster Energy Ultra Fantasy Ruby Red and Juice Monster Rio Punch products.

“Monster Energy Zero Sugar was launched in Great Britain, Ireland and Poland in the second half of 2023 with additional launches planned throughout EMEA in 2024.

“We achieved our goal of securing availability of The Beast Unleashed throughout most of the United States by the end of last year and have commenced with the roll-out of The Beast Unleashed in 24 oz. single serve cans in the convenience and gas channel. We are currently launching Nasty Beast, our new hard tea, in 12 oz. variety packs, as well as in 24 oz. single serve cans. Our innovation pipeline for both our non-alcohol and alcohol beverages remains strong,” Sacks said.

Meanwhile, its full-year net sales rose 13.1% to $7.14 billion and full-year net income jumped 36.9% to $1.63 billion.