AAK: announces strong start to the financial year

Malmo / SE. (aak) The well-diversified business of Swedish AAK Group (former AarhusKarlshamn AB) maintained its strong momentum from last year, resulting in record-high operating profit for the first quarter of 2023, largely driven by strong operating profit per kilo in Food Ingredients and Chocolate and Confectionery Fats. This was achieved via productivity improvements and a continued focus on speciality solutions. Additionally, the first-quarter operating profit benefited from favorable year-over-year market conditions, including an improved ability to compensate for inflationary effects. Volumes declined, largely due to the expected effects of the controlled exit from the Russian market and the optimization program in Bakery. Volumes in Technical Products and Feed grew slightly, AAK closes its short outlook for Q1-2023.