Sweden-based poultry company Scandi Standard reported a 38% increase in income and a 12% increase in net sales for the third quarter of fiscal year 2019.
The company announced its quarterly financial results on November 6. Among the highlights of the quarter was an increase of income to SEK72 million (US$7.49 million), up from the SEK 52 million (US$5.41 million) from the third quarter of 2018. Its net sales for the quarter rose from SEK2.23 billion (US$230 million) in 2018 to SEK2.54 billion (US$260 million) for the most recent quarter.
“I am proud to present another quarter of strong growth and improved results,” Scandi Standard CEO Leif Bergvall Hansen said in a press release. “We continue to see a strong demand for our products in all our markets. Although our top line growth is somewhat inflated due to the successful implementation of price increases to mitigate corresponding increases in raw material costs, our underlying growth is very strong and remains higher than the average organic growth of approximately 6-7 percent annually demonstrated in recent years. This is driven by a good mix between market growth, increased market share and a more favorable product portfolio driving price realization. Given the increased product prices to consumers, I am particularly pleased to report a quarterly volume growth of 4 percent.”
“During the last years we have gained market share in our home markets through the introduction of new innovative, healthy products and our focus on improved sustainability work. I am convinced that these drivers will continue to work in our favor and enable us to sustain significant long-term growth. Scandi Standard is uniquely positioned among our competitors in our home markets. We are geographically well diversified, have a skilled organization and a robust structural setup. Based on the improvements made in the third quarter I am pleased to report another step towards the earnings potential inherent in our business model.”
Scandi Standard has operations in Sweden, Norway, Finland, Denmark and Ireland. According to the Poultry International Top Companies listings, is the 23rd largest poultry company in Europe and the largest in Sweden. It produces broilers, turkeys, ducks and table eggs.