Swedish vegetable oils company AAK has reported record results for its second quarter. Operating profit reached a record high SEK 244 million vs SEK 218 million in the year ago quarter, an improvement of 12%. At fixed exchange rates the improvement was 15%.
Volumes increased by 7% while total organic growth, mainly driven by food ingredients, was 1%.
Food ingredients reached a record high operating profit of SEK 184 million, up 18%. At fixed exchange rates the improvement was 21%.
Chocolate and confectionery fats remained stable at SEK 65 million as expected. Technical products and feed saw operating profits improve by 15%.
“Based on AAK’s customer value propositions for health and reduced costs, our customer product co-development and solutions approach, and the AAK Acceleration program, we continue to remain prudently optimistic for the future,” said Arne Frank, CEO and President. “The main drivers are expected to be the strong Food Ingredients business and the expected recovery in the second half of 2013 for Chocolate & Confectionary Fats.”
