Mondelēz International has reported 7.9% growth in first-quarter net revenue to $7.24 billion, and has witnessed improving performance in its emerging markets.

The owner of Cadbury and Oreo said that the Q1 rise was driven by organic net revenue growth of 3.8%, favourable currency and the impact of its acquisitions of Give & Go and Hu.

Following a 0.5% decline in 2020, Mondelēz’s Asia, Middle East and Africa business delivered 16.2% growth in net revenue for Q1.

In North America, Mondelēz saw 4.3% growth in net revenue for the first quarter. Meanwhile, the company’s Latin America region witnessed a 7.9% decline, marking an improvement on Q4 2020 when it saw a 15.4% decrease in net revenue.

Mondelēz’s Europe business recorded a 10.2% year-over-year rise in net revenue for Q1. The region also generated the largest amount of revenue for the company overall, with nearly $2.85 billion worth of sales.

After witnessing a 2.5% decline in Q4 2020, Mondelēz’s emerging markets delivered 6.0% growth in net revenue in the first quarter of 2021.

“Our first-quarter results demonstrate that we are emerging from the Covid-19 pandemic stronger, as we continue to build upon our track record of robust growth, profitability and cash generation,” said Dirk Van de Put, Mondelēz chairman and CEO.

“We saw continued improvement across emerging markets, healthy demand in developed markets and another quarter of strong share performance. We remain squarely focused on accelerating growth by further strengthening our core brand and expanding our presence in high-growth channels, categories and adjacencies. Our strategy is working, and our business is better positioned than ever before.”

Mondelēz has forecast upwards of 3% organic net revenue growth for 2021.