Orkla saw growth from grocery and combined snacks and confectionery arms

Orkla saw growth from grocery and combined snacks and confectionery arms

Orkla today (30 October) reported an increase in nine-month sales and profits, with revenue and profitability improving from the Nordic FMCG group's two packaged food businesses.

The Toro meals owner booked net profit of NOK3.14bn (US$366.1m) for period to the end of September, up from NOK2.37bn a year earlier.

EBIT grew 13.6% on an adjusted basis to NOK2.51bn. The number was adjusted due to historical figures being restated due to the group's Orkla Brands Russia, a discontinued operation.

Orkla said its operating revenue increased 10% to NOK23.63bn.

In recent years, the Norway-based group has sold off non-FMCG assets to focus on branded consumer goods. Orkla's branded consumer goods is now the bulk of the business. The company saw its operating revenue from the division rise 9.4% to NOK22.69bn. Adjusted EBIT grew 12.2% to NOK2.64bn.

Orkla Foods, the company's grocery business unit, saw adjusted EBIT increase 11.5% to NOK1.14bn. Operating revenues were up 6.4% at NOK9.43bn.

At Orkla Confectionery and Snacks, adjusted EBIT was up 18.1% at NOK529m. Operating revenues grew 12.9% to NOK4bn.