Demand For Snacks, Shampoo Help Givaudan Profit Rise In 2020
Fragrance and flavour maker Givaudan confirmed its mid-term targets after strong demand for snacks and shampoo helped it grow 2020 sales and profits amid the pandemic.
Consumers kept buying packaged foods and household goods like washing powder, toothpaste and soap during the COVID-19 crisis, supporting Givaudan that makes ingredients for those.
Its fine fragrance unit that concocts fragrances for well-known perfume labels showed a 'solid improvement in the second half of the year', while out-of-home food consumption remained under pressure throughout 2020, said the company, which also develops flavours to make plant-based burgers taste like beef.
Net profit rose 5.8% to CHF743 million ($835.58 million) last year, leading Givaudan to propose a 3.2% higher dividend of 64 francs per share, it said in a statement.
Sales rose 4.0% on a like-for-like basis to CHF6.32 billion, with flavour unit Taste & Wellbeing up 2.8% and Fragrance & Beauty sales rising 5.4%, Givaudan said.
It confirmed its mid-term target of 4-5% sales growth on average per year.
Image Courtesy: Givaudan