Swedish ingredients supplier AarhusKarlshamn (AAK) has reported record Q3 operating profit as its chocolate & confectionery fats segment made a recovery.
The chocolate & confectionery fats business grew 19% compared to last year to SEK 105m ($16.5m).
“The underlying Cocoa Butter Equivalent (CBE) margin has improved driven by the increase in cocoa butter prices which have risen significantly over the last 9–12 months,” said AAK in a statement.
The company’s overall operating profit, which includes chocolate & confectionery fats, food ingredients and technical products & feed businesses, was SEK 303m ($47.5m), up 11% driven by strong performance in the firm’s largest business area: food ingredients.
The food ingredients posted record high Q3 operating profit of SEK 211m ($33m), up 11%. In July, AAK acquired Turkish bakery oils and fats supplier Unipro, which aided the company’s performance in baking ingredients.
The company expects its Q4 operating profit to be lower than last year due to an exceptionally strong result in 2012. The chocolate & confectionery fats business is expected to continue its recovery.