Dubai Refreshments, the sole franchisee, manufacturer and distributor of Pepsi-Cola products in Dubai, Sharjah and Northern Emirates, has announced a net profit of Dh60 million ($16.33 million) in the first half of 2013.

The first six months of 2013 reflect good growth in local market but significant slowdown in exports for Dubai Refreshments, a company statement said.

Revenues reached Dh427 million, a drop of 16 per cent compared to the Dh510 million revenues in the first six months of 2012.

The company registered an operating profit of Dh52 million in H1 2013, compared to Dh 82 million in the comparable period last year. The drop in revenues and operating profits is mainly due to a decrease in sales volumes in the exports business and increased spending on consumer targeted initiatives in the local market.

Tarek El Sakka, general manager of Dubai Refreshments, said: “DRC continues to show significant strength in the local market. Results were impacted by the volatile export business which was particularly strong in 2012. We expect less volatility as we progress forward with local business largely offsetting the drop in exports.” – TradeArabia News Service