The world’s largest soft drink producer, Coca-Cola along with the Coca-Cola Foundation are set to provide around $15m in aid to Ukraine.
Efforts to provide humanitarian assistance in the Ukraine will include donations of funds and products manufactured by the company.
“This funding will support further relief efforts by the Red Cross and other organizations operating in Ukraine and neighboring countries, helping millions of displaced people,” Coca-Cola said in a report.
Coca-Cola will also provide urgent financial assistance to all their employees in Ukraine.
On 8 March, Coca-Cola announced the suspension of their business in the Russia in response to the invasion in Ukraine where by 10 factories closed.
Coca-Cola said that they will tentatively reduce their net revenue and operating profit for the year by 1-2%, which will also reduce earnings per share by about $0.04 per share.
Their net profit in January to March fell by 23.5% compared to the same period in 2021, to $2.25bn, however Coca-Cola’s quarterly revenue increased by 5%, to $9.02bn from $8.6bn the previous year.
Sales of carbonated drinks increased by 4%, which was mainly driven by China, India and Latin America.
On February 24, Coca-Cola announced a temporary shutdown of the manufacturing plant in Kyiv and they evacuated all of their employees.