Olympic sponsor Procter & Gamble has unveiled another set of strong financial figures ©Getty Images

Procter & Gamble, the giant US household products company that is a worldwide sponsor of the International Olympic Committee (IOC), has unveiled another strong set of quarterly financial figures on the back of the cleaning product boom which has accompanied the COVID-19 pandemic.

The Cincinnati-based company said that organic sales in its home care division grew more than 30 per cent in the three months to end-September, "driven by increases in consumer demand for home cleaning products during the pandemic".

This resulted in "double digit growth" for the unit "in every region".

Overall, net sales for the quarter climbed by nine per cent compared with a year earlier to $19.3 billion (£14.5 billion/€16 billion).

Earnings before income taxes, meanwhile, surged by 22 per cent to $5.3 billion (£4 billion/€4.4 billion).

David Taylor, the group’s chairman, President and chief executive, said its near-term priorities continued to be "employee health and safety, maximising availability of P&G products for consumers around the world, and helping society meet the challenges of the COVID crisis".

Procter & Gamble this year extended its sponsorship deal with the IOC  ©Getty Images
Procter & Gamble this year extended its sponsorship deal with the IOC ©Getty Images

He added that P&G remained "firmly focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G's organisation and culture to deliver balanced top-line and bottom-line growth along with strong cash generation".

In Olympic terms, P&G – whose brands include Tide detergent, Pampers nappies and Gillette shaving products – is best-known for its "Thank you, Mom" campaigns, focusing on the mothers of Olympic athletes.

Having joined the IOC's The Olympic Partner (TOP) worldwide sponsorship programme in 2010, P&G recently extended the agreement through to 2028.

The new deal brought a promise between the two organisations to focus on making progress in the areas of equality and inclusion, environmental sustainability and community impact.

It will also be the first time that P&G has secured global marketing rights for the International Paralympic Committee and the Paralympic Games.

The company's improved performance comes at a time when many are worried about the crisis's impact on hitherto buoyant sports sponsorship markets, owing to the number of businesses hit hard by the sharp economic downturn.