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Alko profits slump

Finland reserves some types of alcohol sales for the state-owned Alko chain.

wine bottles on shelves
State-owned alcohol monopoly retailer Alko's sales and profits dropped last year. Image: Ext-hans-peter Dhuy / Yle
Yle News

State-owned alcohol monopoly retailer Alko's sales fell last year, and the firm's profits also dropped.

The firm's 2023 financial results show a 4.1 percent drop in the amount of alcohol sold, and turnover fell 2.2 percent.

Profits are down by more than 14 percent, with the firm making some 42.7 million euros in profit on a turnover of 1.2 billion euros.

The firm tracks overall falls in Finnish alcohol consumption.

Managing Director Leena Laitinen said in a press release that wage increases and rises in the cost of pension contributions raised the company's costs significantly.

The firm's board proposed that 40 million euros be paid to the state as a dividend, which is the same figure as the year before.

Finland reserves some types of alcohol sales for the state-owned Alko chain. Drinks containing more than 5.5 percent alcohol must be sold through the chain, rather than in supermarkets and grocery stores.

Up until 2018, the limit on alcohol sales for food stores was 4.7 percent, with all other booze sold through Alko.

The current government is planning to raise the limit to 8 percent for some drinks. That law is expected to come into force during 2024.

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