Mondelez, Mars, PepsiCo had huge profits in Russia last year - media

According to Ukrinform, Bloomberg reported this.

The media outlet cites data from the Russian tax service, according to which Mondelez Rus' sales increased by 38% last year to USD 1.1 billion. Compared to 2021, the company more than doubled its total profit, Bloomberg said.

In its annual report, Mondelez stated that the increase in profits was due to pricing, volume growth, and the suspension of advertising, and added that Russia accounted for 4% of the company's revenues.

Last year, Mars recorded a 14% increase in sales in the Russian market (RUB 177 billion), while its profit increased by almost 60% to RUB 27 billion.

PepsiCo's revenues in Russia grew by 16%, and the company's profit quadrupled. According to the sweet drinks producer, sales in Russia accounted for 5% of net income in 2022, up from 4% a year earlier.

The American companies did not leave the Russian market because they are not subject to sanctions, while all three said they would sell only "necessary" products, Bloomberg notes.

In September, PepsiCo CEO Ramon Laguarta announced the suspension of sales of international brands, including 7Up and Pepsi, in Russia.

Mondelez announced in June that it would reduce its operations, suspend new investments, product launches, and advertising spending in Russian media.

Mars Wrigley global president Andrew Clarke also said that Mars was minimizing its activities in Russia.

As Ukrinform reported, Raiffeisen Bank International has postponed plans to leave Russia.