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Global beverages giant PepsiCo, which acquired Pioneer Foods in 2020, said its South African business reported double-digit organic revenue growth over the past year.
The New York-based beverage and snack giant, which reported annual results on Friday, reported that its international business, which includes SA, delivered 16% organic revenue growth for the full year. In the fourth quarter, it recorded its seventh consecutive quarter of double-digit organic revenue growth.
Pepsi had taken over SA's Pioneer Foods, which owns Sasko, White Star, Weet-Bix and Liqui-Fruit, in a R24.4 billion deal. At the time, Pepsi said the deal would provide it a base with which to expand more aggressively into Africa.
READ | PepsiCo takes Africa foothold with R24.4bn Pioneer Foods deal
"Each of our international divisions reported strong organic revenue growth, led by Latin America and Africa, Middle East and South Asia. Both divisions delivered more than 20% organic revenue growth for the full year, with South Africa delivering double-digit organic revenue growth."
The global company reported organic revenue growth of 14.4%, with earnings per share rising 11% to $6.79 on a constant currency basis.
"We are pleased with our results for the fourth quarter and the full year, as our business remained resilient and delivered another strong year of growth. Our results demonstrate that the investments we have made in our people, brands, portfolio, value chain, and go-to-market systems are working," said chairperson and CEO Ramon Laguarta.
Meanwhile, the South African unit said the Bašumi Trust, established by PepsiCo South Africa, has paid beneficiaries an annual dividend of R1 908.35 each as part of its B-BBEE employee share ownership scheme.
It said that due to its parent’s strong annual results and positive share performance over the past year, it was able to pay a "larger-than-anticipated annual dividend" to about 10 500 South African beneficiaries.
