Mondi Reports Positive Year, Despite COVID Challenges
Packaging and paper company Mondi has reported largely positive set of results for its 2020 financial year, despite the challenges posed by COVID-19.
The group ended 2020 with an underlying EBITDA of €1.35 billion, down from 2019's figure of €1.66 billion.
The group's figures were generally down in comparison to the previous year due to the pandemic, however the total dividend per share was up 5% compared to 2019.
Andrew King, Mondi group chief executive officer, said the packaging firm's performance is "testament to the strength of our business model in the face of significantly lower average selling prices across our key pulp and paper grades, and the challenges brought by COVID-19."
In terms of the company's future outlook, he added that Mondi "finished the year positively, with strong demand in the packaging businesses supported by the long-term growth drivers of sustainability and e-commerce."
King identified a number of areas in which the group will be looking to grow in the coming years, with sustainability an increasingly large part of its business plan.
The group launched the Mondi Action Plan 2030 (MAP2030), sustainability framework, aligned to the UN Sustainable Development goals, under which it has pledged to develop innovative, sustainable packaging, and paper solutions. The plan will see the group focus heavily on circular-economy driven solutions.
An example of the steps the group is taking to become a more sustainable company include focusing on production of paper-based packaging to eliminate plastic, implementing a 'paper where possible, plastic when useful' policy.
Mondi is already one of only ten companies worldwide to have a ‘Triple A’ score on its environmental performance related to climate, forests, and water security as recognised by the CDP, and the packaging producer hopes to maintain that level of environmental rating.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.