Norwegian packaging group Elopak has reported a 20% increase in revenue, to €1 billion, in its 2022 financial year.
Adjusted EBITDA for the period amounted to €119.4 million, an increase of €5.7 million compared with 2021.
The company's adjusted net profit for the financial year was €44.0 million.
In the fourth quarter, Elopak saw 24% growth in revenue, to €267.1 million, driven by pricing initiatives in EMEA and a strong performance in the Americas.
'Profitable Organic Growth'
Commenting on the company's fourth-quarter performance, CEO Thomas Körmendi said, "Elopak ended the year on a strong note, delivering profitable organic growth.
"The most notable achievements were yet another strong performance in the Americas, continued solid development in our acquired businesses in MENA and India, and the commercial launch of the new Pure-Pak eSense aluminium-free aseptic carton."
Adjusted EBITDA for the quarter stood at €35.9 million, up by €15.1 million compared with the same period in 2021.
Elopak's board has proposed a dividend of NOK 0.86 per share for the year 2022, in line with its dividend policy.
Outlook For 2023
Körmendi stated, "The uncertainties experienced in 2022 continue into 2023 and make it more challenging to predict short-term results, but we remain optimistic on longer-term market fundamentals.
"Our strategic initiatives remain focused on growing our top-line and strengthening our results. We remain committed to our mid-term targets."
The company expects to see a decline in plastic food and beverage packaging in the long term, and claims to be 'well-positioned' to leverage this plastic-to-carton conversion trend.
"As shown by the Pure-Pak eSense commercial launch, we remain committed to delivering on our sustainability-driven growth strategy," Körmendi added.
© 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.