Norwegian liquid carton packaging maker Elopak reported 12% growth in revenue in the fourth quarter, which it described as a ‘satisfactory end’ to its financial year 2021.
Adjusted EBITDA amounted to €22.1 million, while the adjusted EBITDA margin was 9.3% during the quarter.
Full-year revenue amounted to €940 million, corresponding to year-on-year growth of 3.5% while operating profit amounted to €121 million.
'A Good Result'
Commenting on the company’s performance, CEO of Elopak, Thomas Körmendi, said, “We are pleased to deliver a good result in 2021, despite extraordinary cost increases on both the raw material side and the energy side.
“Last year was also historic for us, with highlights such as the listing in June and the acquisition of Naturepak in October.”
During the quarter, the company earned a platinum rating from EcoVadis, a global platform for assessing corporate social responsibility and sustainable procurement.
The rating means that Elopak is among the 1% most sustainable companies in all sectors.
Körmendi said, “We see that the interest in sustainable solutions is very high, both among our existing and new customers. There is a clear trend that customers want to buy sustainable and environmentally friendly cardboard solutions rather than plastic products. Sustainability has been an integral part of Elopak for many years, and in 2021 we developed several new solutions to meet market demand.”
Körmendi believes that the company is well-positioned for growth in the future, following its achievements in the previous year.
These include the launch of its IPO, the acquisition of Naturepak Beverage Packaging Co Ltd, and the development of environmentally friendly products Pure-TwistFlip and Pure-Pak eSense.
He added, “We delivered a good year in 2021, not least considering the raw material situation in the world. We expect this to be more normalised during the current year. At the same time, we see that the trend towards more sustainable and environmentally friendly cardboard solutions continues, both in Europe and North America. With this backdrop, I am sure that Elopak is well equipped to continue the growth and deliver an even better result in 2022.”