Smurfit Kappa has reported a 33% increase in revenue in the first nine months of the year, to €9.72 billion, with CEO Tony Smurfit describing the group's performance as "very strong".
EBITDA growth for the nine-month period rose 43%, to €1.77 billion, with an EBITDA margin of 18.2%.
The packaging group said that an increase in corrugated box pricing is helping to offset 'significant' cost inflation across its business.
Corrugated box volumes were flat over the nine-month period, it added.
'Drive Improvement'
"We continue to drive improvement across all areas of our business, consistent with the delivery of our strategy, providing the most innovative and sustainable packaging through our integrated business model, ensuring security of supply to our over 65,000 customers," Smurfit said in a statement.
He added that the investments that the group has made in recent years has made the business "ever more efficient", with a focus on quality, innovation and sustainability.
Geographic Spread
Smurfit Kappa now boasts a geographic reach of 36 countries, as well as a number of specialist businesses within its group.
“Our results reflect the steps we have taken and the quality of the Smurfit Kappa business. We expect to deliver EBITDA of approximately €2.3 billion for the full year 2022," said Smurfit.
In September, Smurfit Kappa signed an agreement to acquire PaperBox, a packaging plant located in Saquarema, 70 kilometres east of Rio de Janeiro, Brazil, as it seeks to extend its South American footprint.
© 2022 European Supermarket Magazine – your source for the latest Packaging and Design news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
