Leading Russian food company Wimm-Bill-Dann Foods has reported a 27.6% rise in group sales for the third quarter to US$439.0m, with gross profit up by 49.4% year-on-year at US$149.8m.
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Underlying operating income rose by 77.1% to US$54.1m for the quarter, while reported operating income including special charges increased by 24.2% to US$37.9m. Underlying net income increased by 140.7% to US$32.4m, while reported net income including special charges rose by 44.2% to US$19.4m. Underlying EBITDA grew by 60.5% to US$70.4m, and reported EBITDA including special charges rose by 23.6% to US$54.2m.
“The third quarter and first nine months of the year continued to deliver a strong top-line and bottom-line performance across all of our business segments driven by strong organic growth combined with our efforts to manage costs,” said CEO Tony Maher. “The dairy segment delivered robust, organic growth, with sales rising 31% year-on-year in the third quarter while the average selling price increased 16%. Our baby food business continues to grow at an impressive pace, with sales rising 32%.”
Sales in dairy rose by 30.5% to US$333.5m, while gross margin increased to 33.2% from 27.2%. Turnover from baby food rose to US$27.7m, with gross margin rising to 40.5% from 38.4%.
For the nine months, group operating income including special charges almost doubled to US$113.0m, while net income more than tripled to US$79.2m, the company said. Reported net income including special charges also more than tripled to US$66.2m. Sales for the nine months rose by 22.1% to US$1.25bn.
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By GlobalData“Our solid results for the first nine months of the year give me confidence that we can successfully execute on our strategy to maintain our leadership, optimise our cost structure while leveraging our strong route to market and differentiated brand portfolio to ultimately drive superior, sustainable returns to our shareholders,” Maher said.
