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US-based PepsiCo, Mars, Mondelez see profit boom in Russia last year — news agency

It is noted that changes in the pricing policy, higher sales owing to the exit of competitors and lower advertising expenses in Russia are among the main drivers for such growth in financial metrics

NEW YORK, July 7. /TASS/. Revenues for the PepsiCo, Mars and Mondelez companies, which produce a wide range of consumer goods, soared in Russia in 2022 in annual terms, according to a report from the Bloomberg news agency on Friday.

Companies had "roaring sales" after the start of the Russian special military operation, the news agency said. Revenues of the Russian division of Mondelez, most known to consumers by its Alpen Gold chocolate brand, surged 38% to 92 bln rubles ($1 bln) in 2022 and the net profits of the company increased twofold year on year. Sales of the Russian subsidiary of Mars saw an upsurge of 14% compared to 2021 to 177 bln rubles ($1.93 bln) in 2022. Pepsi’s revenues in Russia gained 16% and their net profit moved up by a factor of four.

Changes in the pricing policy, higher sales owing to the exit of competitors and lower advertising expenses in Russia are among the main drivers for such growth in financial metrics, the news agency said. At the same time, cross-border money transfers among foreign parent companies and local Russian subsidiaries remain difficult. Furthermore, companies are expected to be hit by a 10% windfall profit tax to be imposed on Russian majors.

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