PepsiCo. reports double-digit revenue growth in Pakistan, China and other nations

PepsiCo. reports double-digit revenue growth in Pakistan, China and other nations
Pepsi sodas displayed for purchase at a Walmart Supercenter on December 06, 2022 in Austin, Texas. (AFP/File)
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Updated 23 April 2024
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PepsiCo. reports double-digit revenue growth in Pakistan, China and other nations

PepsiCo. reports double-digit revenue growth in Pakistan, China and other nations
  • The company reported better-than-expected revenue in first quarter on strong demand for snacks, beverages
  • PepsiCo. has leaned heavily into price increases over the past two years to combat higher ingredient costs

PepsiCo. reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages.

The Purchase, New York-based company said revenue rose 2 percent to $18.3 billion for the January-April period. That was higher than the $18 billion Wall Street forecast, according to analysts polled by FactSet.

Pepsi reaffirmed its financial guidance for 2024, including organic revenue growth of 4 percent. The company has said it expects to return to more normal rates of growth this year after several years of inflation-driven price increases.

That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5 percent, for example. PepsiCo’s shares fell more than 2.5 percent in morning trading Tuesday.

In North America Frito-Lay revenue rose 2 percent while Pepsi beverage sales were up 1 percent. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24 percent during the quarter.

But the company saw 11 percent sales growth in Asia Pacific and 10 percent sales growth in Europe.

PepsiCo. Chairman and CEO Ramon Laguarta said the company is optimistic that consumer demand will continue to rise this year in the US and elsewhere.

“The consumer, globally, we think is very resilient,” Laguarta said during a conference call with investors. “It’s basically supported by two facts: very low unemployment or quite low unemployment globally and wages growing at a good pace in the majority of the countries where we participate.”

In Europe, sales were driven by demand in Eastern Europe, Laguarta said. In Western Europe, consumers saw fewer PepsiCo. snacks and drinks on grocery shelves during the quarter. Carrefour, one of Europe’s largest supermarket chains, announced in January that it was pulling PepsiCo. products from stores in France, Belgium, Spain and Italy due to unacceptable price increases. The two companies resolved their pricing dispute and Carrefour began restocking PepsiCo. products in early April.

The company said it also saw double-digit organic revenue growth in Mexico, Brazil, Egypt, Pakistan, China and Australia.

But Laguarta added a note of caution. Consumer spending in China remains cautious, he said, and PepsiCo. is also keeping a close eye on lower-income consumers in the US, who are buying fewer snacks or switching to store brands in the face of higher prices.

“The lower-income consumer in the US is stretched,” he said. “That’s a consumer that we are emphasizing in our commercial programs and we are learning how best to keep that consumer in our categories.”

PepsiCo. has leaned heavily into price increases over the past two years to combat higher ingredient costs. The fourth quarter of 2023 was the company’s eighth straight quarter of double-digit percentage price increases.

Those increases moderated in the first quarter. PepsiCo. said net pricing was up 5 percent globally during the quarter, while volumes fell 2 percent. PepsiCo. has said some of that volume decline is strategic. The company has been shrinking package sizes to meet consumer demand for convenience and portion control.

PepsiCo. said its net earnings rose 5.6 percent to $2 billion in the first quarter. Excluding special items, the company earned $1.61 per share. That beat Wall Street’s forecast of $1.52.


South Africa’s Breetzke hits 150 in record-breaking ODI debut in Lahore

South Africa’s Breetzke hits 150 in record-breaking ODI debut in Lahore
Updated 1 min 15 sec ago
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South Africa’s Breetzke hits 150 in record-breaking ODI debut in Lahore

South Africa’s Breetzke hits 150 in record-breaking ODI debut in Lahore
  • The 26-year-old’s brilliant 148-ball knock anchored the South African innings after they were sent in to bat at Lahore’s Qaddafi Stadium
  • Breetzke, who smacked 11 fours and five sixes, trumps the 148 made by Desmond Haynes for West Indies on debut against Australia in 1978

LAHORE: Opener Matthew Breetzke scored 150 on Monday — the highest by anyone on ODI debut — as South Africa made 304-6 against New Zealand in the tri-nation series in Pakistan.
The 26-year-old’s brilliant 148-ball knock anchored the South African innings after they were sent in to bat at Lahore’s Qaddafi Stadium.
Breetzke, who smacked 11 fours and five sixes, trumps the 148 made by Desmond Haynes for West Indies on debut against Australia in Antigua in 1978.
Breetzke put on 37 for the opening stand with skipper Temba Bavuma (20) and another 93 for the second wicket with Jason Smith (41) to give South Africa an ideal platform.
Breetzke hit New Zealand pacer Will O’Rourke for a boundary to reach three figures off 128 balls, becoming the fourth player from his country to hit a century on ODI debut.
Reeza Hendricks, Tony de Zorzi and Colin Ingram are the others.
Breetzke cracked a six off fast bowler Ben Sears to post his 150 before being caught at mid-off by Michael Bracewell off Matt Henry in the 46th over.
Wiaan Mulder scored a 60-ball 64 with five fours and a six to ensure South Africa posted a 300-plus total.
Henry 2-59 and O’Rourke 2-72 were the pick of the New Zealand bowlers.
South Africa were forced to give four debuts in this match as their top players were either active in a Twenty20 league back home or recovering from injuries.
New Zealand brought in opener Devon Conway for Rachin Ravindra, who was injured during their 78-run win over Pakistan, also in Lahore, on Saturday.
Pakistan are the third team in the tri-series, a warm-up event before it hosts the Champions Trophy starting February 19.


Pakistan says over 45 million children vaccinated in first countrywide anti-polio drive of 2025

Pakistan says over 45 million children vaccinated in first countrywide anti-polio drive of 2025
Updated 10 February 2025
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Pakistan says over 45 million children vaccinated in first countrywide anti-polio drive of 2025

Pakistan says over 45 million children vaccinated in first countrywide anti-polio drive of 2025
  • Pakistani authorities conducted countrywide immunization campaign from Feb. 3-9
  • South Asian country has so far reported only one polio cases while last year it recorded 73

ISLAMABAD: Pakistan’s state media recently announced that over 45 million children were vaccinated against polio in the first countrywide national immunization campaign of the year conducted from Feb. 3-9, as Islamabad attempts to put a stop to rising cases of the infection. 

Polio is a paralyzing disease with no cure and to ensure immunity, health experts say it is crucial that all children under five complete the oral polio vaccine series. The South Asian country last year reported 73 polio cases in 2024, a sharp increase from just six cases in 2023. 

The Pakistan polio program runs several mass vaccination drives annually. This year’s first anti-polio drive was conducted from Feb. 3 to 9. On Jan. 22, the country reported its first case of the disease in 2025 in the Dera Ismail Khan district of northwestern Khyber Pakhtunkhwa province.

“The Ministry of Health said more than 45 million children have been vaccinated during the National Polio Immunization Campaign,” the state-run Associated Press of Pakistan (APP) said.

“During this polio campaign, more than 400,000 trained polio workers visited door to door to perform their services.”

Dr. Mukhtar Bharath, Prime Minister Shehbaz Sharif’s Coordinator for Health, said it is a “national and moral” responsibility of parents to get their children under the age of five vaccinated against polio.

He said the complete eradication of polio was the government’s top priority, highlighting that the “war against polio” was being fought with “full force and consistency.”

Bharath said measures were being strengthened to improve polio immunization campaigns across the country.

Of the 73 cases recorded last year, 27 were from southwestern Balochistan, 22 from northwestern Khyber Pakhtunkhwa (KP), 22 from southern Sindh, and one each from Punjab and Islamabad. 

Pakistan and Afghanistan are the last two countries where polio remains endemic. In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. 

Pakistan’s polio program began in 1994, but efforts to eradicate the virus have been hampered by vaccine misinformation, opposition from some religious hard-liners who view immunization as a foreign plot, and frequent attacks on polio vaccination teams by militant groups.


Pakistan launches crisis unit as ship carrying 65 migrants capsizes near Libyan coast

Pakistan launches crisis unit as ship carrying 65 migrants capsizes near Libyan coast
Updated 15 min 9 sec ago
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Pakistan launches crisis unit as ship carrying 65 migrants capsizes near Libyan coast

Pakistan launches crisis unit as ship carrying 65 migrants capsizes near Libyan coast
  • Pakistan says embassy in Tripoli trying to ascertain “further details of Pakistani affectees”
  • Thousands of Pakistanis yearly pay large sums to traffickers to arrange risky journeys to Europe

ISLAMABAD: Pakistan’s foreign office said on Monday it had activated a crisis management cell and was trying to ascertain whether any Pakistanis were aboard a ship carrying 65 passengers that had capsized near the coast of Libya. 
The last tragedy comes weeks after at least 13 Pakistanis died when a boat carrying 86 migrants to Europe capsized near the coats of Morocco on January 16. 
Each year thousands of Pakistanis pay large sums to traffickers to arrange risky and illegal journeys to Europe, where they hope to find work and send funds to support families back home. Many people also take unlawful migrant routes to escape conflicts and religious persecution. 
A foreign office spokesperson said a vessel had capsized near the port of Marsa Dela, in the northwest of Zawiya city in Libya, and the Pakistan embassy in Tripoli had dispatched a team to a local hospital to assist authorities in identifying the deceased. 
“The Embassy is also trying to ascertain further details of the Pakistani affectees,” the statement said. “The Crisis Management Unit of the Ministry of Foreign Affairs has been activated to monitor the situation.”
Pakistan has recently launched a crackdown on human trafficking rings that arrange perilous journeys via sea for migrants, as its nationals are frequently among those who drown on crammed boats that sink on the Mediterranean Sea separating North Africa from Europe, considered the world’s deadliest migrant route.
In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel sank in international waters off the southwestern Greek town of Pylos, marking one of the deadliest boat disasters ever recorded in the Mediterranean Sea. 
More recently, five Pakistani nationals died in a shipwreck off the southern Greek island of Gavdos on Dec. 14.


Pakistani lawyers protest in capital against controversial constitutional amendments

Pakistani lawyers protest in capital against controversial constitutional amendments
Updated 4 min 16 sec ago
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Pakistani lawyers protest in capital against controversial constitutional amendments

Pakistani lawyers protest in capital against controversial constitutional amendments
  • Lawyers, opposition say contentious 26th constitutional amendment is aimed at curtailing judiciary’s independence 
  • Security at Islamabad’s Red Zone, home to judicial and executive buildings, beefed up as hundreds of lawyers protest

ISLAMABAD: Hundreds of lawyers are protesting on Islamabad’s streets today, Monday, against controversial constitutional amendments that they say are aimed at undermining the judiciary and the recent transfer of three high court judges to the Islamabad High Court (IHC). 

Pakistan’s ruling coalition government passed the contentious 26th constitutional amendment bill from both houses of parliament in October 2024, amid stiff resistance from opposition parties and Pakistani lawyers. The amendments empower a parliamentary committee to appoint the Supreme Court’s chief justice for a fixed term of three years, and call for the creation of new group of senior judges to weigh exclusively on constitutional issues. The government says the amendments are aimed at providing speedy justice to citizens and it is parliament’s right to pass laws it deems fit to ensure its sovereignty. 

The protests are taking place as the Judicial Commission of Pakistan (JCP) is expected to meet on Monday to consider the elevation of eight high court judges to the Supreme Court. Four Supreme Court judges on Friday wrote to Chief Justice Yahya Afridi, who is also the chair of the JCP, to postpone the meeting and not decide on new judicial appointments until a challenge to the controversial amendments is decided one way or the other. 

The lawyers are also protesting against President Asif Ali Zardari’s recent move to transfer three judges from the Sindh, Balochistan and Lahore high courts to the Islamabad High Court (IHC), alleging that the move is unconstitutional as it undermines the seniority of the judges already serving in the IHC. 

“Our job is very clear and it is that we have to participate in this [protest] and present our stance,” Barrister Ali Zafar, a prominent lawyer, told reporters at Islamabad’s Red Zone area.

Zafar acknowledged that some lawyers were in favor of the judicial transfers and the constitutional amendments, acknowledging that a “division” existed among them. 

“There is definitely a division among lawyers, some are on this side and some are on that side,” he said. “But you will see that this movement will keep on growing.”

Footage on social media showed lawyers chanting slogans against the government and demanding independence of the judiciary. Local media reported deployment of heavy police contingent within the Supreme Court’s premises while entry points to the Red Zone, which houses the highest executive, judicial and legislative authority buildings of the country, were sealed to keep the lawyers away. 

Local media also reported that Serena Chowk, Nadra Chowk and Express Chowk areas were sealed to prevent lawyers from arriving at the iconic D-Chowk venue to register their protest. 

Meanwhile, Islamabad Police took to social media account X to assure residents it would ensure their protection despite the protests. 

“Islamabad Police is actively working to ensure your safety and to ensure the establishment of law and order throughout the district,” police wrote on X. 


Injured Pakistan pacer Rauf to ‘fully recover’ ahead of Champions Trophy— PCB 

Injured Pakistan pacer Rauf to ‘fully recover’ ahead of Champions Trophy— PCB 
Updated 10 February 2025
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Injured Pakistan pacer Rauf to ‘fully recover’ ahead of Champions Trophy— PCB 

Injured Pakistan pacer Rauf to ‘fully recover’ ahead of Champions Trophy— PCB 
  • Haris Rauf sustained muscular sprain in lower chest wall during Saturday’s match against New Zealand 
  • PCB says injured pacer will not be available for selection as precaution against South Africa for Feb. 12 clash 

ISLAMABAD: Pakistan’s injured right-arm fast bowler Haris Rauf is expected to be “fully recovered” ahead of this month’s ICC Champions Trophy tournament, the Pakistan Cricket Board (PCB) said recently, brushing aside concerns he would be ruled out of the tournament. 

Rauf sustained a muscular sprain in the lower chest wall region during Pakistan’s match against New Zealand on Saturday, triggering fears the bowler would be ruled out of the tournament. Along with pacers Naseem Shah and Shaheen Shah Afridi, Rauf is an essential part of the South Asian country’s pace attack.

“The injury is not serious and he is expected to be fully recovered for the ICC Champions Trophy 2025, which commences in Karachi on 19 February,” the PCB said on Sunday. “However, as a precautionary measure and part of his ongoing rehabilitation, he will not be available for selection against South Africa on 12 February.”

Pakistan are already reeling from in-form left-handed batter Saim Ayub’s absence, who was ruled out of the tournament after suffering an ankle injury while fielding against South Africa last month. Ayub’s injury has made room for left-arm batter Fakhar Zaman, who scored an impressive 84 runs from 69 balls against New Zealand on Saturday. 

Pakistan are currently playing a tri-nation series against South Africa and New Zealand in Karachi and Lahore cities respectively. The series, seen as a warm-up ahead of the 50-over Champions Trophy tournament, will conclude on Feb. 14. 

Pakistan lost the opening match of the tournament against New Zealand in Lahore by 78 runs. The tourists amassed 330/6 at the end of their 50 overs, which was too much for Pakistan who were bundled out for 252 runs in 47.5 overs.