Orkla received NOK 1.9 billion before tax – E24

Orkla received NOK 1.9 billion before tax – E24

The grocery giant started the year with growth in revenue and results.

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Grocery supplier Orkla provided January, February and March figures on Friday morning.

The quarterly figures show a pre-tax profit of NOK 1.9 billion, up from NOK 1.7 billion at the same time last year.

Turnover amounted to NOK 17.1 billion in the quarter, up from NOK 16.2 billion.

Up front, pre-tax profits of NOK 1.8 billion and sales volume of NOK 17.2 billion were expected, according to Bloomberg.

– Orkla has had a strong start to the year, says Orkla CEO Nils Selte in a statement.

The coin struck Jotun

Selte says it is particularly pleased with the growth in a quarter that saw fewer sales days due to early Easter.

– It is also good to see a strong increase in profits combined with increased investment in advertising, says Selty.

The increase in profits comes as a result of strong growth in prices and the number of goods sold, cost reductions and positive effects of the exchange rate.

Sveaas-mann joins the Board of Directors

Of the analysts covering the stock, six have a buy recommendation, five recommend a hold and two analysts have a sell recommendation. The share has declined slightly by 0.4 percent so far this year.

For most people, Orkla is known for its grocery products such as Grandiosa, Toro, Idun and Jif.

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Majority owner Stein Erik Hagen is chairman of the company's board of directors. Recently, Bengt Rehm, who is the Chairman of Christine Sveyas' investment company Kistefos, was elected to the Orkla Board of Directors. The two billionaires have a history dating back to the early 2000s.

Orkla had 19,671 employees and 114 factories in 24 countries every new year.

Dalila Awolowo

Dalila Awolowo

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