The grocery giant started the year with growth in both revenues and results.
Less than 30 minutes ago
Updated just now
The grocery supplier Orkla has presented figures for January, February and March on Friday morning.
The quarterly figures show a profit before tax of NOK 1.9 billion, an increase from NOK 1.7 billion at the same time last year.
Turnover landed at NOK 17.1 billion in the quarter, up from NOK 16.2 billion.
In advance, a profit before tax of NOK 1.8 billion and a turnover of NOK 17.2 billion was expected, according to Bloomberg.
– Orkla has had a strong start to the year, says Orkla CEO Nils Selte in a statement.
Currency hit for Jotun
Selte says he is particularly pleased with growth in a quarter with 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 Selte.
The increase in profit comes as a result of strong growth in price and in the number of goods sold, cost cuts and positive exchange rate effects.
Sveaas-mann joins the board
Of the analysts who cover the stock, six of them have a buy recommendation, five recommend a hold and two analysts have a sell recommendation. The share is slightly down 0.4 percent so far this year.
For most people, Orkla is best known for grocery products such as Grandiosa, Toro, Idun and Jif.
Largest owner Stein Erik Hagen is chairman of the company’s board. Recently, Bengt Rem, who is the head of Christen Sveaas’ investment company Kistefos, was elected to the board of Orkla. The two billionaires have a history, including from the early 2000s.
Orkla had 19,671 employees and 114 factories in 24 countries per New Year.
