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AAK temporarily halts business in Russia

AAK announced de decision to temporarily halt deliveries to, and sales in, Russia. The country makes up for around 3% of AAK’s volumes (metric tons). Even though AAK’s business is not subject to sanctions, as a supplier in the food sector, the company said “it has become very difficult to secure compliance to sanctions related to logistics and trade flows as well as third parties.”

The safety of the employees working in AAK’s Ukraine sales is the company’s main focus. The company said it is in continuous dialogue with its 10 employees there and “will do our utmost to ensure their continued safety.” AAK’s sales in Ukraine account for less than 1% of the total volumes (metric tons).

“AAK continuously evaluates the situation and will adapt accordingly,” the announcement added.

AAK reported a 5% increase in its sales in the fourth quarter of last year, and operating profit growth of 9%. Profit for the period amounted to SEK 480 million (439). By business areas, it is divided as follows:

  • Food Ingredients – operating profit increased by 6% to SEK 337 million (319).
  • Chocolate & Confectionery Fats – operating profit reached SEK 299 million (266), an increase of 12%.
  • Technical Products & Feed – operating profit reached SEK 83 million (57), an increase of 46%.

Strong demand was observed in Chocolate & Confectionery Fats and Food Ingredients. For the full year, operating profit increased by 11%.