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28 March 2024

Dubai Refreshments profits up 29.8%

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By Staff

Dubai Refreshments has posted a 29.8 per cent rise in profits when its third-quarter earnings were announced on Tuesday.

The company reported an income of Dh16.1 million for the period, reports The National.

This compared with Dh12.4 million posted during the same period last year by the company that distributes Pepsi products in Dubai and Northern Emirates.

It is the first set of third-quarter results to be reported by a publicly held company, according to the report. Dubai Refreshments is listed on Dubai Financial Market.

The increase in profits came despite higher sugar prices and the company’s hitherto-unsuccessful attempt to increase retail prices of its products.

Prices of cans of Pepsi and Coke have been fixed at Dh1 since 1970s.

The company has not been successful in getting a government clearance for increasing prices of its soft drinks. Executives from the company refused to comment on the results.

The company’s shares closed flat at Dh6.84 after going up 4.75 per cent against Thursday’s closing price early in the day. The results were announced after the market closed for the day.

The American food giant PepsiCo had posted strong results in the third quarter that saw a 11.9 per cent rise in its profits which stood at $1.9 billion.