New York-based PepsiCo, Inc said its sales grew by 4% in fiscal 2019 to $67.1bn, with the fourth quarter recording a 5.7% growth in sales to $20.6bn.

The company noted that its Frito-Lay North America snack business and PepsiCo North American business unit were partly responsible for lifting the company’s sales by 4% and 3% respectively.

Speaking on the results, PepsiCo Chairman & CEO, Ramon Laguarta, said: “We are pleased with our performance for 2019 as we met or exceeded each of the financial goals we outlined at the beginning of the year.”

The company said that its North America Quaker Foods business grew by 1% in the year.

Overseas markets were a boost for the company, with Latin America posting a 3% growth, while Europe recorded an impressive 7% sales growth. Asia Pacific, Australia & New Zealand and China Regions saw a 4% growth, but Africa, Middle East & South Asia posted flat sales.

The beverage giant saw a sharp decline in net profit by 41.4% to $7.3bn due to income tax provision.

Looking forward to 2020, the company said it expects full-year organic revenue growth of 4%.