Orkla achieved EBIT (adj.) ofNOK 2.0 billion in the second quarter of 2024, up 13% on the same period last year. "Orkla has successfully maintained its positive momentum from the first to the second quarter of the year. The portfolio companies achieved profit growth, a higher return on capital employed and increased cash flow from operations. We are also continuing to ramp up investment in advertising to secure long-term growth and value creation," saysOrkla President and CEONils K. Selte .Orkla's consolidated portfolio companies (including Head Office) grew EBIT (adj.) by 19%, toNOK 1.8 billion , in the second quarter of the year. The eight largest companies inOrkla's portfolio all delivered underlying profit growth. Organic growth totalled 3.3%, and volume growth was positive for the second successive quarter.Orkla's profits before tax amounted toNOK 2.6 billion for the quarter, up 43%. The quarterly earnings per share (adj.) wasNOK 1.66 , up 7% on the same period last year. The profit contribution by Jotun in the quarter amounted toNOK 528 million , on a par with the same quarter in 2023. Jotun reported broad-based sales growth in the Marine, Protective and Powder segments, but also some negative currency translation effects.Hydro Power's EBIT (adj.) for the second quarter totalledNOK 248 million , compared toNOK 282 million in the corresponding quarter of last year. The drop is attributable to reduced power prices.Orkla sold 100% of the shares in Lilleborg in June, making a gain ofNOK 472 million on the sale. "The transaction is an important milestone, and consistent with our strategy of simplifying our structure and reducing the number of portfolio companies," saysNils K. Selte .Orkla is a leading industrial investment company with focus on brands and consumer-oriented companies. Its investment portfolio currently consists of 11 companies operating in sectors including paint, food products, food ingredients, confectionery and snacks, dietary supplements, cleaning products and personal care. As at31 December 2023 ,Orkla had 19,671 employees and 114 factories in 24 countries.Orkla ASA Oslo ,15 July 2024 Ref.: EVP Communication and Corporate AffairsHåkon Mageli , mob.: +47 928 45 828 SVP Investor RelationsKari Lindtvedt , mob.: +47 950 75 114 An Excel spreadsheet with key figures is available at https://investors.orkla.com/. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange announcement was published byOle Andreas Steensland Dahl , Investor Relations Manager atOrkla ASA , on15 July 2024 at07:00 CEST .
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