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Danone profits rise, as higher prices offset flat volumes

Danone profits rise, as higher prices offset flat volumes
A view taken on November 23, 2020 shows a part of the entrance to the Danone factory in Bailleul, northern France. (Photo by DENIS CHARLET/AFP via Getty Images)
AFP via Getty Images
Kiran Paul
By Kiran PaulFeb 22, 2024
Kiran Paul
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French food group Danone said profit from continuing operations grew in 2023 as rising prices for its yogurts and other products made up for flat volumes and currency movements.

Net income from recurring activities rose 3.5 per cent to €2.3 billion (£1.97bn), while revenue was virtually unchanged at €27.6bn.

Excluding disposals and currency changes, net sales rose by 7 per cent and volume decreased by 0.4 per cent.

Last year the company wrote down the value of some US dairy activities in anticipation of sales and stopped consolidating its Russian operations.

Chief executive Antoine de Saint-Affrique said in a statement that "2023 was a year of consistent progress and strong delivery."

The company said that volume growth resumed in the fourth quarter as it focused on better selling brands.

Danone is proposing to raise its dividend 5 per cent to €2.10 a share, taking it back to its 2019 levels.

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