Coca-Cola Icecek AS reported a decline in sales across Turkey and Pakistan in July-September 2024 due to boycotts against brands linked to Israel, Bloomberg reported.
Sales volume in Turkey dropped 12.2 percent and a much higher 22.9 percent in Pakistan compared to the same period last year, according to Icecek’s Tuesday filing. This led to a 7.1 percent drop in Coca-Cola Icecek’s shares to 45.12 Turkish liras, marking its worst single-day collapse since May 2023.
Shares further declined by 4.8 percent on Wednesday.
The regional boycott has also impacted US-based fast-food chains such as McDonald’s and KFC, as consumers across Asia, the Middle East, and parts of Europe shift away from American brands over perceived ties to Israel following the genocide in Gaza.
The company’s quarterly net income fell 61 percent year-over-year to 5.17 billion liras ($151 million), missing analyst projections of 5.72 billion liras. Coca-Cola Icecek also revised down its net-sales-revenue growth guidance amid the volatile operating environment.
Sales volumes rose by 1.3 percent in other countries driven by stronger demand in Iraq, Azerbaijan, and Kazakhstan.
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I appeal to the people of Pakistan that for the sake of Gaza, boycott 100% of Coca Cola and Pepsi, this is the time to act – at least this way.
Wrong. There is no direct link between it.
Its all assumptions.
Worry about employment of people here
What about local Pakistanis working here? Who would feed their families? Who will give them jobs?
Is the job more important than the life of innocent Muslims?
All carbonated drinks, whether foreign or local, linked or not linked to Israel, should be banned because they are extremely harmful to health. If the local brands are prompting this boycott, this is even worse. Local brands have zero quality.
As regards products related to Israel, there are many products or certain parts in products (mobile phones and cameras are examples) that are related to Israel or the Jews and in your daily use. You are not even aware of them. Stop using those as well if you are true to the Palestinian cause. If not, sit and relax.
Aap ki aqal ko 21 shoes ki salaami.
Jews not equal to Zionists
Yes you do represent the mentality of aam admi.
I stopped drinking coca cola after they changed the recipe . I refuse to drink substandard product at higher price ..