Tobacco maker Swedish Match said profit rose as snuff sales climbed rapidly in Sweden and the US.

Swedish Match, tobacco producer founded in 1917 by the “Match-king” Ivar Kreuger, increased second quarter net profit rose to 664 million kronor ($84.7 million), from 517 million kronor a year ago, the company said on Friday.

The figures were above analysts' forecast and the company's share stock rose on the Stockholm stock exchange.

“It’s an outstanding report”, a Swedish analyst said to the Direkt news bureau. “Although the snuff margin was lower, the volumes in Scandinavia and the USA and the mark-ups that are expected to have effect in the third quarter looks good”.

Last month Swedish Match raised its prizes of snuff with 4 percent on the Swedish and American market

Sales increased 15 percent to 3.7 billion kronor. Snuff sales and volumes grew in all Scandinavian markets while the company continued to gain market share for snuff in the US where volumes grew by 21 percent.

Swedish snus, a moist powder tobacco product that you consume by placing it under the lip, is banned in all EU countries except Sweden. It's also commonly used in Norway and the US.

For the full year Swedish Match expects both the snuff market in Scandinavia and in the U.S. to grow.

"For the second half of the year, we expect group sales and operating profit excluding larger one-time items to exceed prior year”, said Lars Dahlgren, CEO at Swedish match in a comment.