AAK AB on Thursday reported higher third-quarter profit despite a drop in sales volumes, continuing a trend of prioritizing profitability over volume.
The Swedish plant-based oils maker said profit for the period rose to 911 million Swedish kronor from 871 million kronor a year earlier.
Sales volumes for the quarter declined by 2% to 510,000 metric tons, excluding a recent divestment, while operating profit increased by 2%, the company said.
"Our operating profit grew by 9 percent at constant exchange rates and 2 percent including currency effects, driven by strong profitability at SEK 2.47 per kilo," President and CEO Johan Westman said in a statement.
The results follow a similar pattern to the second quarter, where AAK also posted a 2% decline in volumes while increasing profit.
The company said it is maintaining its margin discipline while executing commercial actions to strengthen volumes.
By business area, operating profit in Food Ingredients rose 3%, while the Chocolate & Confectionery Fats division's profit was flat compared to the same period last year.
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