21 April, 2023

Finland & Belarus: Olvi Group’s net sales increase in Q1, operating result affected by Belarus fine

Finland’s Olvi Group’s net sales increased in the first quarter, driven by strong demand, but purchase costs remained high, the company said in a press release.

Olvi Group’s January-March net sales were EUR 129.5 (103.9) million, the company said. The sales volume increased by 7.6%, and net sales grew by 24.6%.

The adjusted operating result was EUR 10.0 (6.4) million, and the operating result was EUR -2.2 (6.4) million. The operating result includes an expense of EUR 12.2 million related to a fine imposed on the subsidiary in Belarus.

Olvi's balance sheet continues to be strong, and the company has no net debt. This gives Olvi good opportunities to develop its business operations, invest in Finland and the Baltic Sea region, and seek growth and develop in new markets. The company maintains its plants' good competitiveness by investing in new technologies to ensure production efficiency and environmental friendliness.

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