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Profit improvement for Orkla

Orkla reported a ‘solid’ improvement in both profit and revenues in the first quarter. Profit before tax amounted to NOK 1.7 billion (EUR 146,619,117), a year-over-year increase of 12%. Operating profit EBIT (adj.) rose by 5% to NOK 1.6 billion (EUR 137,974,400). The group’s first-quarter operating revenues totaled NOK 16.2 billion (EUR 1,396,933,500), equivalent to a growth of 22%.

Orkla’s Branded Consumer Goods business increased its operating revenues by 23% to NOK 15.8 billion (EUR 1,362,498,938) in the first quarter. There was a 13% organic turnover growth.

“Jotun and Orkla Food Ingredients have delivered a particularly strong performance. Increased inflation and rising interest rates have reduced consumer purchasing power in most of our markets, in turn putting pressure on our sales volumes. Even though there is great uncertainty regarding future economic trends, we have strong brands and robust value chains. I, therefore, look forward with cautious optimism. Orkla will continue to increase its investments in brand-building, while continuously seeking opportunities to improve costs,” says Orkla President and CEO Nils K. Selte.

Xavier Belison and Kjersti Hobøl have been appointed as chairman and member, respectively, of the Board of Directors of Orkla Foods Europe. Belison, who is a French citizen, has top leader experience from Continental Foods, Heineken and Mars. Hobøl is the CEO of Nille, and has previous top leader experience from Kid, DNB and Princess. In addition to Belison and Hobøl, Orkla Foods Europe’s Board of Directors will consist of Atle Vidar Nagel Johansen, Øyvind Torpp and Hege Holter Brekke, all of whom are EVPs & Investment Executives at Orkla ASA.

Photo: Orkla