ZURICH — Amid a turbulent cocoa market, Barry Callebaut registered a sales volume gain of 0.4% and a sales revenue gain of 23% in the nine-month period ended May 31, a month in which the Zurich-based company took additional financing due to high cocoa bean prices.

Terminal market prices for cocoa beans over the nine-month period fluctuated between £2,904 ($3,746) and £9,835 ($12,689) per tonne, closing at £6,910 per tonne on May 31, according to Barry Callebaut. Cocoa bean prices on average increased by 131% versus the prior nine-month period. In May, Barry Callebaut re-entered the Swiss bond capital market, issuing a triple-tranche senior bond of 730 million Swiss francs ($816 million). It consisted of a two-year tranche of 240 million Swiss francs, a six-year tranche of 270 million Swiss francs and a 10-year tranche of 220 million Swiss francs.

“In an unprecedented cocoa environment, we are pleased with achieving a slight increase in volume for the first nine months,” said Peter Vanneste, chief financial officer, when financial results were given July 11. “Our focus on pricing and our resilient cost-plus model have also enabled us to deliver strong revenue growth. Looking ahead, the market faces further challenges, particularly from supply turbulence and cocoa-related price increases. As we navigate these market uncertainties, we successfully secured long-term financing at attractive rates.”

Sales volume over the first nine months of the fiscal year rose to 1,710,241 tonnes from 1,704,240 tonnes in the same time of the previous year, although sales volume slipped 0.3% in the third quarter. Nine-month revenue of 7.32 million Swiss francs compared to 6.29 billion Swiss francs in the same time of the previous year. Driving the increase was the rise in cocoa bean prices, which Barry Callebaut manages through its cost-plus pricing model for the majority of its business. Barry Callebaut confirmed its fiscal-year guidance of flat volume and flat earnings before interest and taxes (EBIT) when compared to the previous fiscal year.

In Barry Callebaut’s Gourmet and Specialties business, sales volume over the nine-month period increased 11% to 239,830 tonnes from 216,273 tonnes, with strong demand across most geographies and market segments. Volume decreased 1.6% in Cocoa Products to 339,672 tonnes from 345,114 tonnes. In Food Manufacturers Products, volume decreased 1.1% to 1,130,739 tonnes from 1,142,853 tonnes as large global customers of Barry Callebaut saw softer demand, which was offset partially by the performance of private label customers.