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Tissue maker Essity’s profit grows more than expected on increasing hygiene awareness -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An Essity Sign is seen in Stockholm on May 23, 2019, by Anna Ringstrom. REUTERS/Anna Ringstrom/File Photo

STOCKHOLM, (Reuters) – Hygiene product maker Essity announced a greater-than-expected increase in its quarterly profit Friday due to improved market conditions and growing awareness about the importance hygiene.

Operating earnings for the Swedish group increased to 3.88 Billion Crowns ($451.1 Million) in the third quarter from 3.82 Billion crowns last year. Meanwhile, sales grew 9% with organic sales increasing 7%. Refinitiv polled five analysts who estimated that the profit would be 3.38 billion.

Organic sales increased by 2% compared to the third quarter prior to the pandemic.

Essity currently aims to achieve net sales of over 5%, which includes acquisitions. It previously set an organic growth goal of over 3%.

Essity is a leader worldwide in hygiene products and incontinence products. With brands such as Edet and Tempo, Essity is second in the world for consumer toilet paper and handkerchiefs.

($1 = 8.6021 Swedish crowns

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