The maker of Vimto said its sales rose 10.3% in the Middle East as the business marked its 100th Ramadan last year.
Nichols said its sales in the region outpaced the 3.5% global revenue growth to reach £170.7 million, while its pre-tax profit rose 75.3% to £24.3 million. On an adjusted basis pre-tax profit was up 8.7%.
It was the 100th year that the soft drinks company has celebrated Ramadan, since being introduced to India a century ago.
Since then it has cemented its position in the Middle East, with Vimto becoming the drink of choice for many during the holy month.
Last year revenue in the Middle East was £13.0 million, up from £11.8 million a year earlier, though still a lot lower than the UK, where the company made £83.9 million last year.
After the Covid-19 pandemic, Nichols, which also makes Slush Puppie, changed its business structure. It now runs a packaged business and an out-of-home division, and is focusing on the former.
The packaged business managed to grow revenue 6.1% last year, with a 13% rise in the UK.
Revenue in the out-of-home business dropped 3.4% after the company left some of its unprofitable accounts behind.
Chief executive Andrew Milne said: “2023 was a year of strong progress and execution for Nichols, as the packaged business delivered another year of growth underpinned by the Vimto brand, and benefits from the newly streamlined OOH (out-of-home) business were delivered earlier than anticipated.
“The group delivered a very strong performance in international markets, driven by strong market penetration across existing and new territories in Africa and the Middle East.
“Innovation remained a critical growth driver and we have an exciting pipeline of new products planned for 2024.”
Shares rose 4.5% on Wednesday morning.