Tissue paper maker Sofidel has reported net sales worth €2.2 billion in its financial year 2020, registering a growth of more than 13% from €1.9 billion in 2019.
This growth was driven by increased demand for domestic sanitary products as well as an increased production capacity at its Oklahoma factory, which attainted full operating capacity in the second half of 2020.
EBITDA for the financial year was €418 million, up from €259 million in 2019, while the EBITDA margin stood at 19.25%.
The stable price of cellulose and favourable energy costs for the entire period contributed to the company’s good performance.
Board Of Directors
The company also announced the appointment of a new board of directors, which includes members from outside the Stefani and Lazzareschi families.
The new members include, among others, Chiara Mio, Silvio Bianchi Martini, Andrea Munari and Alessandro Solidoro.
“In a year when the company achieved the milestone of a turnover of €2 billion, Sofidel’s shareholders’ general meeting decided to open up its board of directors to external directors in order to acquire new additional expertise and professionalism to help meet the challenges that await us,” chairman Edilio Stefani and the chief executive officer Luigi Lazzareschi said in a statement.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
