Swedish oils and fats group AarhusKarlshamn today (18 February) booked flat full-year operating profit, as lower raw materials prices hit sales.
During 2010, AAK said operating profit totalled SEK824m (US$128.2m), marginally down from the previous year’s profits of SEK827m. However, when adjusted for divestments and at fixed exchange rates, operating profit rose 6%, the company emphasised.
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Full-year net sales slid to SEK14.81bn, down from SEK15.88bn last year. AAK attributed the decline to the negative impact of currency translation and lower raw materials prices. Sales volumes were up 1%, AAK added.
“Operating profit for 2010 was in line with our expectations,” president and CEO Arne Frank said. “We now have a very strong foundation for our mid- and long-term, the ‘AAK Acceleration programme’.”
AKK has said that it will focus on developing its bakery and bakery service, dairy fat, chocolate and confectionery fats, infant nutrition and foodservice businesses to drive growth. The company also plans to expand in emerging markets – particularly China and Brazil.
AAK has also indicated its intention to expand through M&A activity.
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