Kesko Group: Everything in the green in fiscal 2022

Kesko / FI. (kkc) All divisions generated a good result, Finland’s Kesko Group announced in its FY-2022 financial statements release. President and CEO Mikko Helander: «Our annual result has now improved for eight consecutive years. The result we achieved is strong proof that Kesko is a unique trading sector operator whose strategy works in a rapidly changing operating environment.»

«In 2022, our net sales grew by 4.3 percent in comparable terms and totalled EUR 11,809 million. Our comparable operating profit amounted to EUR 815 million, representing an increase of EUR 40 million. Good progress was made in strategy execution in all areas. Our good ability to produce a profit and strong financial position enable investments in growth and good dividend capacity. Kesko’s Board proposes to the Annual General Meeting a dividend of EUR 1.08 per share, which totals nearly EUR 430 million.»

Financial Performance In Brief


  • Group net sales in October-December totalled EUR 2,983.4 million (EUR 2,870.3 million), an increase of 4.3 percent in comparable terms, reported net sales grew by 3.9 percent
  • Comparable operating profit totalled EUR 192.6 million (EUR 203.5 million), a decrease of EUR 10.9 million
  • Operating profit totalled EUR 191.2 million (EUR 204.9 million)
  • Comparable earnings per share EUR 0.36 (EUR 0.40)
  • Reported Group earnings per share EUR 0.36 (EUR 0.41)


  • Group net sales in January-December totalled EUR 11,809.0 million (EUR 11,300.2 million), an increase of 4.4 percent in comparable terms, reported net sales grew by 4.5 percent
  • Comparable operating profit totalled EUR 815.1 million (EUR 775.5 million), an increase of EUR 39.6 million
  • Operating profit totalled EUR 816.5 million (EUR 775.2 million)
  • Comparable earnings per share EUR 1.54 (EUR 1.43)
  • Reported Group earnings per share EUR 1.53 (EUR 1.44)
  • Board proposes a dividend of EUR 1.08 per share, proposed to be paid in four instalments

Mikko Helander: «In the grocery trade division, profitability was good also in 2022. Profitability improved thanks to good performance by Kespro. The division’s net sales grew by 3.6 percent, and its comparable operating profit rose to EUR 460 million. Profitability for the division was good, with a comparable operating margin of 7.5 percent. The basis for good profitability in the grocery trade division is our strong position in all areas of Finnish food trade. Our strength in food trade lies in our extensive network of physical grocery stores combined with efficient online sales and our foodservice business, as well as our well-functioning retailer business model. Our strategic goal is to continue to grow sales and improve customer experience.»

«The building and technical trade division posted its all-time best result in 2022. The division’s net sales grew by 9.4 percent in comparable terms and totalled EUR 4,805 million. The comparable operating margin for the division was 7.1 percent. Strong performance continued for Onninen and K-Rauta in Finland. In Norway and Sweden, sales development was good in the B2B segment in both technical trade and building and home improvement trade. Onninen’s sales continued to grow also in Poland and the Baltic countries. B2B trade now accounts for over 80 percent of the division’s sales. Sales growth in B2B trade continued strong, underpinned by good construction activity. Demand was very strong especially in products related to the green transition and to improving energy efficiency. Good demand in renovation building also underpinned the positive performance. Renovation building accounts for over half of the division’s sales. During the year, we continued acquisitions in line with our strategy and the integration of the acquired businesses.»

«Our transformation process in the car trade division is proceeding well and yielding results. The division’s net sales totalled EUR 911 million, and its comparable operating margin was 5.3 percent. Availability issues with cars caused net sales to decrease in 2022, but profitability remained at a good level thanks to improved sales margins and transformation measures and efficiency improvements. Kesko’s car trade is No 1 in Finland when it comes to the sales of electric cars and the EV charging network.»

«Kesko’s long-standing work for sustainability and corporate responsibility brings results that gather also international recognition. The most recent examples are the assessments for the Dow Jones Sustainability Indices and the Global 100 listing of the most sustainable companies in the world: Kesko ranked among the best in its sector in both.»

«Kesko’s outlook for 2023 is also positive. We estimate that our comparable operating profit will be in the range of EUR 680-800 million. I want to thank all our customers, shareholders, Kesko employees, K-retailers and their staff, as well as our partners for their trust and collaboration in 2022.»