Brief: AAK Reports Declining Volumes, Increased Operating Profit

AAK AB (publ)

19/07/2023 08:25

July 19 (Reuters) - AAK AB (publ)  AAK.ST :
    * Q2 OPERATING PROFIT EXCLUDING ITEMS AFFECTING
COMPARABILITY,
INCLUDING A POSITIVE CURRENCY TRANSLATION IMPACT OF SEK 34 MLN,
INCREASED BY 41%, REACHING SEK 880 MLN (624)
    * VOLUMES DECLINED, MAINLY DUE TO ONGOING OPTIMIZATION
PROGRAM IN
BAKERY AND CONTROLLED EXIT FROM RUSSIAN MARKET
    * WE EXPERIENCED A WEAKER YEAR-OVER-YEAR CONSUMER DEMAND,
ESPECIALLY IN CHOCOLATE & CONFECTIONERY FATS AND FOOD
INGREDIENTS
    * EXCLUDING RUSSIA, VOLUMES DECLINED 7% IN Q2 COMPARED TO Q2
2022,
MAINLY DRIVEN BY CHOCOLATE & CONFECTIONERY FATS
    * Q2 TOTAL VOLUMES  505,000 MT VS 554,000 MT YR AGO
    * Q2 OPERATING PROFIT SEK 880 MLN VS SEK 274 MLN YR AGO
    * VOLUMES FELL BY  AROUND 10% WHILE OPERATING PROFIT WAS
ONLY
MARGINALLY LOWER THAN PREVIOUS YEAR

Source text for Eikon:  ID:nWkr2CR5VG 
Further company coverage:  AAK.ST 

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