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For the full year 2021 the total revenues amounted to SEK 1,370.6 (1,138.6) million, which corresponded to 20% growth compared with the previous year. EBITDA increased to SEK 137.6 (108.5) million and the EBITDA margin to 10.0% (9.5%). The margin improvement for the year was mainly the result of increased profitability at the gross level in combination with economies of scale because of improved efficiency in IT systems and in the organisation as a whole.

The good profitability over the past year in combination with Zinzino’s strong financial position means that the Board is now proposing a dividend for 2021 to shareholders of as much as SEK 2.00 (1.25) per share.

The fourth quarter of 2021 was strong in terms of sales. The total revenue increased by 18% and amounted to SEK 401.2 (340.4) million. In order to stimulate the distributors’ activity, which has been slowed down a bit by the pandemic, several important but at the same time cost-intensive campaigns were carried out, which had the effect that the EBITDA result landed at SEK 26.4 (37.4) million. The EBITDA margin amounted to 6.6% (11.0%), compared with the fourth quarter of 2020.

During the fourth quarter, Zinzino launched a new product concept for vitamin D through the introduction of the new products Vitamin D Test and ZinoShine+. In addition, on November 9, sales started in South Africa as Zinzino’s first establishment on the African continent.


  • Total revenues increased by 18% to SEK 401.2 (340.4) million
  • Gross profit was SEK 113.7 (110.2) million and gross profit margin was 28.3% (32.4%)
  • EBITDA was SEK 26.4 (37.4) million and EBITDA margin was 6.6% (11.0%)
  • Cash flow from operating activities was SEK 59.5 (32.9) million
  • Sales launch in South Africa
  • Launch of new test concept for vitamin D


  • Total revenues increased by 20% to SEK 1,370.6 (1,138.6) million
  • Gross profit amounted to SEK 427.5 (348.6*) million and the gross profit margin was 31.2% (30.6%*)
  • Adjusted gross profit amounted to SEK 427.5 (326.4*) million and the adjusted gross profit margin was 31.2% (28.7%*)
  • EBITDA amounted to SEK 137.6 (108.5*) million and the EBITDA margin was 10.0% (9.5%*)
  • Adjusted EBITDA amounted to SEK 137.6 (86.3*) million and the adjusted EBITDA margin was 10.0% (7.6%*)
  • Cash flow from operating activities amounted to SEK 153.5 (97.3) million.
  • The Board of Directors proposes a dividend to shareholders for 2021 of SEK 2.00 (1.25) per share.
  • Liquid assets on the balance sheet date were SEK 235.7 (143.2) million

*For comparative figures for 2020, gross profit and EBITDA are impacted by SEK 22.2 million through changed accounting as a result of changed terms for distributor remuneration.

For more information:

Dag Bergheim Pettersen CEO Zinzino +47 (0) 932 25 700, zinzino.com

Pictures for publication free of charge:

Marcus Tollbom +46 (0) 70 190 03 12, marcus.tollbom@zinzino.com

Certified Adviser:

Erik Penser Bank Aktiebolag, +46 (0) 8 463 83 00, email: certifiedadviser@penser.se

Zinzino AB (publ) is obliged to publish this information in compliance with current EU regulations governing market abuse. The information was provided by the above contact person for publication at 08.00 the 28 of February 2022.

Zinzino AB (publ.) is a global direct sales company that markets and sells test-based nutrition, skincare and life-style products. Zinzino owns the research unit BioActive Foods AS and production unit Faun Pharma AS. Zinzino is based in Gothenburg, Sweden with additional offices in Finland, Latvia, Norway, USA, Australia, Hong Kong and Malaysia. Zinzino is a public limited company and its shares are listed on Nasdaq First North Premier Growth Market.