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Electrolux Reports Profit In Q2 On Strong Demand; Adjusts Dividend Policy

Electrolux (OMDT.L) on Tuesday reported second-quarter income of SEK 1.383 billion or SEK 4.81 per share, compared with loss of SEK 141 million or SEK 0.49 per share in the same quarter a year ago.

Sales for the quarter jumped to SEK 30.303 billion from SEK 23.476 billion last year, driven by strong demand in all business areas.

Additionally, the Board decided to adjust dividend policy to about 50% of annual income and a proposed automatic share redemption of SEK 17 per share in the second half of 2021. This would make the total cash distribution of SEK 25 per share to be paid out in 2021, when combined with the ordinary dividend already approved by the company.

"We continue to fully offset the headwind from external factors, electronic components and logistics through price and we expect that to be the case for the full year as well. We maintain our 2021 full year regional market outlook, even though visibility remains limited due to the ongoing pandemic," said President and CEO Jonas Samuelson.

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