Ferrero's yearly earnings saw it make profits of €53.2 million, up from €32.6 million the previous year in the Italian market.
ADVERTISEMENTFerrero, a prominent Italian chocolate and confectionery manufacturer, has brought in 6.7% more annual revenue compared to last year.
Best known for its sweetened hazelnut cocoa spread, Nutella, Ferrero recorded €1.76 billion in annual earnings from August 2022 to August 2023, resulting in a profit of €53.2 million, up from €32.6 million the previous year for the Italian market, while Ferrero’s global results are expected to be shared in February next year.
In a statement, executive chairman Giovanni Ferrero emphasised the significant contribution of its 'chocolate confectionery' division to the 2023 profits, pointing out the positive commercial outcomes linked to public holidays such as Advent, Epiphany, and Easter.
The 77-year-old Italian chocolate maker is the third-biggest in the chocolate confectionery market, following Mars Wrigley and Mondelez.
Ferrero employs over 41,000 individuals across 55 countries operating in 32 production facilities worldwide, and it now plans to increase the number of employees.
As per its financial statement in August 2022, the Ferrero Group has surpassed the €14 billion milestone in global turnover, marking a 10.4% increase from 2021.
In Europe, various Ferrero products dominate the markets: Nutella leads in the spreads category, Kinder in children's food, Mon Chéri in liquor-filled pralines, and Tic Tac is the world's top-selling mint.
This article was updated on 21 December to clarify the difference between the financial results of Ferrero's Italian entities and its global results - previously the article did not specify that figures referred to the Italian market only. The article was also updated to clarify a reference to the company's age.
