Swedish firm Essity’s sales rise 6.7% in FY23

March 02, 2024 - Sweden

Essity, a leading Sweden-based global hygiene and health company, has reported a 6.7 per cent increase in net sales in fiscal 2023 (FY23), reaching SEK 147 billion (approximately $14.19 billion). The company also reported a 57 per cent year-over-year (YoY) growth in adjusted EBITA, totalling SEK 18.9 billion. This is attributed to positive contributions from all three business areas, demonstrating profitable growth and margin improvements.

Earnings per share for the fiscal stood at SEK 13.60. The adjusted profit was SEK 18.9 billion, the company said in a media release.

In the health and medical segment, Essity saw net sales surge by 12.2 per cent to SEK 27,729 million, up from SEK 24,708 million. The segment's growth was driven by a 7.0 per cent increase in sales, including organic sales growth and acquisitions, despite a 2.6 per cent decrease in volume.

The consumer goods segment also experienced a notable increase in net sales, rising 10.6 per cent to SEK 79,912 million from SEK 72,241 million. This sector's growth included a 5.4 per cent increase from organic sales and acquisitions, with price and mix improvements accounting for an 8.1 per cent increase, offsetting a 4.4 per cent decline in volume.

In the professional hygiene segment, Essity reported a 14.8 per cent increase in net sales to SEK 39,481 million, up from SEK 34,393 million. The segment saw a 9.2 per cent growth in sales, including organic growth and acquisitions, with price and mix improvements contributing 12.5 per cent to the growth, despite a 3.4 per cent decline in volume.

“We leave an eventful year behind us in which we have focused on increasing profitability and created a stable platform for profitable growth. Through innovation, restructuring, efficiency improvements and price increases, we achieved an adjusted profit of SEK 18.9 billion—the highest profit ever,” said Magnus Groth, president and CEO.