Spanish food group Ebro Puleva reported a net profit of EUR134.7m (US$199.6m) in the first nine months of the year, a jump of 45%, boosted by the sale of the company’s sugar business.
Go deeper with GlobalData
The company, which sold its Azucarera Ebro sugar unit to Associated British Foods for EUR385m in April, said that results had also seen the benefit of a “significant reduction” in working capital and its move to reduce debt by 56% on the year.
EBITDA rose 19% to EUR217m, the company said in a regulatory filing.
However, sales at the Spanish food group were negatively impacted by the recession and lower consumer spending in Spain. Turnover fell 3% to EUR1.66bn.
In an attempt to bolster the company’s brands against the downturn, Ebro increased its advertising spend by 11%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLooking to the full year, Ebro Puleva said that it expects EBITDA to increase by 12%, with net profit gains to 36% anticipated.
