PepsiCo has achieved or exceeded all of its fiscal targets for 2017, with the beverage giant’s net revenue rising by 1.2 per cent to $63.5 billion and its operating profits rising by 7 per cent to $10.5bn compared to $9.78bn last year.

A strong performance from its snacks division is said to have aided the results, with Frito-Lay’s revenue rising by 2 per cent to $15.8bn and operating income going up by 3.5 per cent to $4.82bn.

However, Pepsi’s beverage arm had a 2 per cent drop in revenue to $20.9bn and operating income dropped by 9 per cent to $2.71bn.

Chief executive Indra Nooyi said: “We are pleased with our performance for the fourth quarter and full year 2017. We met or exceeded most of the financial goals we set out at the beginning of the year. We delivered these results in the midst of a dynamic retail environment and rapidly shifting consumer landscape.”