Spain's Ebro Foods net profit jumps 24% in 2021 after asset sales
28/02/2022 15:59
MADRID, Feb 28 (Reuters) - Spain's Ebro Foods' EBRO.MC
profit jumped 24% in 2021 thanks to asset sales but it foresees
harder times ahead as a result of droughts and rising energy
prices, the company said on Monday.
The owner of brands such as Tilda rice and Garofalo pasta
said its net profit rose to 238.6 million euros ($267.49
million) last year, when the group sold its pasta unit Panzani
to focus on premium and fresh products. urn:newsml:reuters.com:*:nL1N2P209H
Ebro Foods faced a year of extreme weather events and
significant crop reductions, with cost increases of 83 millon
euros versus 2020, which it translated into higher prices for
its products.
"We begin a 2022 that is expected to be even more difficult
due to the evolution of inflation, the need to negotiate price
transfers and droughts," it said in an statement to the Spanish
market regulator.
"But we are confident that our strengths, the generation of
synergies and our continuous cost optimisation efforts will
allow us to face the year in a reasonable manner."
Spanish consumer prices rose well above expectations in
February to reach a three-decade-high of 7.4% year-on-year.
urn:newsml:reuters.com:*:nL8N2V32N3
($1 = 0.8920 euros)
(Reporting by Emma Pinedo; Editing by Nathan Allen and Andrea
Ricci)
((emma.pinedo@thomsonreuters.com; +918 35 68 34;))