MANILA -The local unit of beverage and snacks giant Pepsico Inc. on Friday said that it made P38.36 billion in revenue in 2022, growing by nearly a fifth and breaking a two-year annual decline.
Pepsi-Cola Products Philippines Inc. (PCPPI), the exclusive manufacturer of brands which include Pepsi, Mountain Dew and 7up, said that it was on a steady growth trajectory after the 17-percent revenue growth it recorded last year.
“Our business gains are noteworthy, as they reflect the concerted efforts of the entire PCPPI team as we gain momentum towards our objectives. Our brands remained strong as well, as we continue to expand our market share with reinforced distribution initiatives,” said PCPPI president and CEO Frederick Ong.
PCPPI highlighted that it made significant investments to meet customer demand last year, including the opening of a new polyethylene terephthalate line in Cebu and the preform injection line in its regional operation in the Southern Tagalog region.
The company said these investments helped boost its capacity to reach more customers in the Southeast Asian country.
PCPPI recorded P32.8 billion in revenues in 2021, P34.6 billion in 2020 and P35.2 billion in 2019.
However, the company’s earnings before interest, taxes, depreciation and amortization slightly dipped to P2.89 billion in 2022 from the P3 billion in 2021.
Still, it was almost thrice the level in 2020, the year of the global outbreak of the coronavirus pandemic, when it was at P1.9 billion.
The company said that its carbonated energy drink, Sting, enjoyed its highest market share ever in 2022, while Mountain Dew ranked No. 1 in the flavored carbonated soft drink segment.
It added that sales of its more popular energy drink, Gatorade, bounced back and registered double-digit growth, while its Pepsi drink made “significant headway in terms of brand preference over competition.”
For 2023, PCPPI said that it will refocus its portfolio, revamp its go-to-market strategy, and roll out optimization programs that reduce expenses and boost company productivity.