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STOCKHOLM (Reuters) -Assa Abloy, the world’s biggest lockmaker, reported a rise in quarterly profit on Friday that was higher than expected despite continued supply chain challenges as demand picked up.
The Swedish group’s operating profit grew to 4.01 billion crowns ($441.95 million) from a year-earlier profit of 3.48 billion before restructuring costs, on the back of price increases, cost control and sales growth.
Analysts polled by Refinitiv had on average forecast a 3.87 billion crown profit.
Sales excluding acquisitions were up 10%. “As many restrictions were phased out, the activity level improved,” CEO Nico Delvaux said in a statement.
Assa Abloy proposed a dividend for 2021 of 4.20 crowns per share, up from 3.90 crowns the year before.
($1 = 9.0734 Swedish crowns)
Reporting by Anna Ringstrom; editing by Niklas Pollard
