Karlshamn, Sweden — During its third quarter, AAK AB’s chocolate and confectionery fats division had 7 percent growth in operating profit and saw sequential volume gains since June, according to the supplier.
The news follows a tough second quarter for the division, which was negatively impacted by the pandemic, according to AAK.
Overall, AAK’s operating profit increased 7 percent in the third quarter, with net profit increasing 10 percent. Cost reduction measures coupled with a favorable product mix led to record-high operating profit per kilo, the company reports.
“In spite of the COVID-19 situation, AAK returned to profit growth in the third quarter, reporting an operating profit higher than the corresponding quarter last year,” says CEO Johan Westman. “Volumes were still lower compared to last year but have sequentially recovered since the end of May. The uncertainty is, however, still very high with regards to demand.”