MANILA, Philippines - Pepsi-Cola Products Philippines Inc (PCPPI) said its net income grew 6 percent to P903.5 million in 2013, driven by double-digit growth in sales.
In a statement, Pepsi said gross sales revenue jumped 16% to P26.4 billion in 2013, driven by high volume growth from both the carbonated and non-carbonated beverages segments. Sales volume grew at 20% in 2013 compared to the previous year.
"Our focus on increasing our distribution across the country has been a key driver of our top-line growth. As such, we are pleased to have outperformed industry growth for another consecutive year," said outgoing PCPPI President Partho Chakrabarti.
However, cost of sales, which is predominantly raw and packaging materials, went up by 16% in 2013.
PCPPI said its gross profit hit P6 billion in 2013, a 13% growth over 2012.
"This achievement is commendable considering intense competition and the challenges brought about by Typhoon Yolanda. We experienced some setbacks since our plant in Tanauan was badly affected," Jika Dalupan, PCPPI VP for Corporate Affairs and Communications, said.
PCPPI said operating expenses remained manageable. Expressed as a percentage to net sales, operating expenses stayed the same as last year's level of 21%.
PCPPI had earlier announced the appointment of Furqan Ahmed Syed as PCPPI president and member of the Board of Directors effective April 1. He replaced Chakrabarti who has been appointed VP and COO Foods in PepsiCo India.