World beverage giant The Coca-Cola Company reported solid volume growth in sparkling soft drinks in China, which is the company's third-largest market globally, according to its fourth quarter and full year earnings results released on Wednesday.

The company recorded $8.6 billion net revenue in the fourth quarter, in line with market expectations, and operating profit of $2.34 billion, up 8 percent. The company's revenue of last year was $33 billion, with operating profit of $9 billion.

"The progress we made in 2020, including the actions taken to accelerate the transformation of our company, gives us confidence in returning to growth in the year ahead. While near-term uncertainty remains, we are well-positioned to emerge stronger from the crisis, driven by our purpose and our Beverages for Life ambition," James Quincey, chairman and CEO of The Coca-Cola Company, said.

The company expects to deliver organic revenue percentage growth in the high single digits.

In 2020, the Coca-Cola Company took strategic steps to reorganize and better enable the Coca-Cola system to emerge stronger and pursue its Beverages for Life strategy for future growth. In China, the company has accelerated the pace of product portfolio optimization by enhancing innovation with scale potential and local consumer insights, according to the report.

In China, the company gained shares in the total non-alcohol ready-to-drink beverage market in both on and off premise last year.