Packaging firm Smurfit Kappa has reported revenue growth of 27% to €12.8 billion in its full financial year 2022.
EBITDA amounted to €2.35 billion, up 38% year-on-year, with higher earnings in both Europe and the Americas.
Operating profit before exceptional items amounted to €1.7 billion, up 55% compared to €1.1 billion in 2021.
In Europe, EBITDA increased by 42% to €1.85 billion, while the EBITDA margin stood at 18.6%, up from 16.6% in 2021, reflecting the impact of higher paper and corrugated prices partly offset by higher energy, recovered fibre and other raw material costs.
Corrugated box volumes declined by 2% in 2022 compared to 2021 due to a slowdown in the German and UK markets. This was partly offset by good performance in France and Spain.
'A Year Of Extraordinary Circumstances'
Group CEO, Tony Smurfit commented, "Set against a year of extraordinary circumstances, 2022 was another highly successful year for the Smurfit Kappa Group.
"Our performance reflects the ongoing benefits of our investment programme together with our customer-led innovation and sustainability initiatives. Smurfit Kappa Group’s integrated model together with our geographic footprint continue to deliver for all stakeholders."
In the Americas, the company reported year-on-year EBITDA growth of 25%, to €553 million.
The EBITDA margin was dropped to 19.0% in 2022, compared to 19.5% in 2021 with Colombia, Mexico and the US accounting for over 80% of the region’s earnings, the company noted.
Box volumes in the Americas, excluding acquisitions, were broadly flat year-on-year compared to full-year 2021.
'2023 Has Started Well'
Smurfit added, "Although very early, 2023 has started well. While there are and always will be challenges, Smurfit Kappa Group has never been in better shape strategically, financially and operationally.
"We have put ourselves in a position with the steps that we have taken and continue to take, to deliver high quality performance and to take advantage of the many opportunities we see around us."
© 2023 European Supermarket Magazine – your source for the latest packaging news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
