Interim report for Duni AB (publ) January 1 - September 30, 2022

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Sales increase, in a quarter without restrictions

July 1 – September 30

  • Net sales amounted to SEK 1,834 m (1,453), corresponding to a 26.2% increase in sales. Adjusted for exchange rate movements, net sales increased by 19.2%.
  • Operating income was SEK 154 m (151), a historically strong result.
  • Inflation and high electricity prices continue to challenge, further price increases announced during the quarter.

January 1 – September 30

  • Net sales amounted to SEK 5,002 m (3,509), corresponding to a 42.5% increase in sales. Adjusted for exchange rate movements, net sales increased by 36.2%.
  • Operating income was SEK 296 m (169).
  • A positive trend in both sales and income growth, after a pandemic-affected start of the year.





SEK m  3 months
3 months
9 months
9 months
12 months

12 months
Net sales 1,834 1,453 5,002 3,509 6,553 5,061
Organic growth 19.2% 17.4% 36.2% 8.1% 35.0% 14.4%
Operating income 1) 154 151 296 169 406 279
Operating margin 1) 8.4% 10.4% 5.9% 4.8% 6.2% 5.5%
EBIT 132 135 226 122 276 173
EBIT margin 7.2% 9.3% 4.5% 3.5% 4.2% 3.4%
Income after financial items  120 128 192 90 235 133
Income after tax 87 102 142 68 151 77
Earnings per share after dilution 1.84 2.16 2.97 1.43 3.16 1.62
Return on capital employed, excluding goodwill 16.1% 10.8% 16.1% 10.8% 16.1% 14.4%

1) For reconciliation of alternative key financials, definition of key financials and glossary, see pages 31-33.


CEO's comment

Sales growth of 26% in third quarter

The third quarter was the first full quarter since the start of the pandemic that was not affected by any restrictions. We can see that the recovery in the HoReCa market, which already started in the second quarter, continues, resulting in a 26.2% increase in sales in the third quarter. All regions are growing, but the Rest of World region, with BioPak Australia, stands out with an increase of 61%.  

Group sales in the quarter amounted to SEK 1,834 m (1,453). At fixed exchange rates, sales increased compared with the third quarter of 2019 by 30.8%.

The Duni business area increased its sales by 16.3% at fixed exchange rates, compared with the same period last year. The increase comes mainly from the fact that there were no restrictions during the quarter, but also from implemented price increases.

The BioPak business area grew by 23.2% at fixed exchange rates, due to price increases and increased volumes. The Australian market in particular had a strong growth during the quarter.

Operating income of SEK 154 m – all-time high

Operating income for the quarter amounted to SEK 154 m (151), which is the historically best operating income reported for the third quarter. Just as in the second quarter, the Duni business area in particular contributed to the improvement, increasing its operating income to SEK 115 m (96). Operating income for the BioPak business area fell to SEK 39 m (50). This downturn is due to increased warehousing costs and high freight and energy costs in European business. The European market continues to be more affected by these factors than the Australian business, which are making a positive contribution.

Price increases for the quarter amounted to approximately SEK 170 m, but do not fully compensate for the strong inflationary pressure that is now taking effect in all markets. Further price increases have therefore been announced and are expected to take full effect from the beginning of next year. 

Science Based Targets – an important step forward

During the quarter, we have committed to set Science Based Targets (SBT) to ensure the continued work to reduce greenhouse gas emissions, and are therefore taking the next step towards the overall goal of achieving net zero carbon dioxide emissions for Scope 1 & 2 by 2030. Joining the SBT initiative means that the Group’s climate work becomes more transparent and also reviewed by external experts. We see a slightly higher Carbon Intensity Index for the quarter as a result of increased production but continued good development for the full year 2022 thanks to the transition to renewable electricity for all production units in Europe.   

Current situation in Europe

We see a strong concern in the world around us and a difficult situation to assess, especially in Europe, where increased inflation driven by dramatic energy prices, among other things, can affect our end consumers’ consumption patterns. At the same time, we are experiencing a great desire, after more than two years of restrictions, to once more be able to meet up and socialize over food and drink.

Robert Dackeskog, President and CEO, Duni Group


For more information, please contact:
Robert Dackeskog, President and CEO, +46 (0)40 10 62 00
Magnus Carlsson, CFO, +46 (0)40 10 62 00
Helena Haglund, Group Accounting Manager, +46 (0)734 19 63 04

Duni AB (publ)
Box 237
SE-201 22 Malmö
Phone: +46 (0)40 10 62 00
Company registration number: 556536-7488


The Duni Group is a market leader in attractive, environmentally sound and functional products for table setting and take-away. The Group markets and sells two brands, Duni and BioPak, which are represented in more than 40 markets. Duni has around 2,200 employees in 21 countries, its headquarters in Malmö and production units in Sweden, Germany, Poland, New Zealand and Thailand. Duni is listed on the NASDAQ Stockholm under the ticker name “DUNI”. Its ISIN code is SE0000616716. This information is information that Duni AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person, at 07:45 CET on October 27, 2022.





We can see that the recovery in the HoReCa market, which already started in the second quarter, continues, resulting in a 26% increase in sales in the third quarter.”
Robert Dackeskog, President and CEO, Duni Group