Spain's Ebro Foods has reported a 7.6% year-on-year growth in turnover to €2.8 billion in its financial year 2019, driven by the positive performance of its brands.
The company saw an 11.5% growth in EBITDA-A of €342.7 million in this period, while its net profit amounted to €141.7 million.
Ebro Foods described its 2019 performance as 'intense' with 'strong organic and inorganic growth.'
The food giant saw a €295 million increase in net debt to €999.8 million as a result of the acquisition of Tilda and capex investment.
The company also capitalised €90 million after the implementation of IFRS16, a new accounting standard.
The company's rice division saw strong performance in the UK, Middle East, North America, and India.
In Spain, the sales of its Brillante rice brand witnessed double-digit growth.
In the pasta segment, the company's health and wellness products performed well in Canada, while its business in the US reported positive sales and profit in the fourth quarter of 2019, it said.
In Europe, the pasta business was boosted by reducing promotions in the Panzani brand and the good performance of the Garofalo banner.
Elsewhere, the company's Bertagni and Lustucru gnocchi reported record sales during the financial year.
However, the division witnessed a steep increase in prices in the second half of the year due to poor commodity harvests in all areas except Spain and France.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.