Orkla achieved a profit before tax ofNOK 1.9 billion in the first quarter of 2024, up 8%, year over year. Revenues rose by 6%, toNOK 17.1 billion .Orkla's Consolidated Portfolio Companies (including headquarters) increased EBIT (adj.) by 19%, toNOK 1.6 billion , in the first quarter of the year. The improvement is attributable to price and volume growth, cost-cutting measures and positive currency translation effects.Orkla's earnings per share (adj.) for the quarter wasNOK 1.50 , up 14% compared to the same period last year. "Orkla has made a strong start to the year. Most of the Portfolio Companies achieved organic growth, higher operating profits and increased cash flow from operations. I am particularly pleased about the companies' volume growth, which was achieved in a quarter with fewer sale days due to the timing of Easter. It is also good to see high earnings growth combined with increased investments in advertising," saysOrkla President and CEONils K. Selte . The profit contribution from associated companies in the first quarter amounted toNOK 415 million , down 2% compared to the same period last year. The decline is linked to currency losses made by Jotun (42.7% ownership interest) following devaluation of the Egyptian pound, which had a negative impact on both Jotun's operating profit and its financial costs. Nevertheless, Jotun's operating profit continued to develop positively, increasing by 12% in the first quarter on the back of volume growth, increased gross margin and effective cost controls.Hydro Power's EBIT (adj.) ended atNOK 165 million for the first quarter, compared toNOK 255 million in the first quarter of 2023. The decline was due to lower power prices. InOctober 2023 , Orkla Food Ingredients (OFI) entered into a partnership agreement withRhône , a leading private equity firm which invests in companies with a transatlantic presence. The transaction was completed on 17 April and will have accounting effect as of the same date. "This agreement is a milestone forOrkla and will enable OFI to maintain its organic and structural growth. The transaction exemplifies the flexibility and value-creation potential ofOrkla's new operating model," saysNils K. Selte .Orkla is a leading industrial investment company with focus on brands and consumer-oriented companies. Its investment portfolio currently consists of 12 companies operating in sectors including paint, food products, food ingredients, confectionery and snacks, dietary supplements, cleaning products and personal care. As at31 December 2024 ,Orkla had 19,671 employees and 114 factories in 24 countries.Orkla ASA Oslo ,3 May 2024 Ref.: EVP Communication and Corporate AffairsHåkon Mageli , mobile: +47 928 45 828 SVP Investor RelationsKari Lindtvedt , mobile: +47 950 75 114 An Excel spreadsheet with key figures is available at https://investors.orkla.com/. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange announcement was published byOle Andreas Steensland Dahl , Investor Relations Manager atOrkla ASA , on3 May 2024 at07:00 CEST .
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