2nd Nov 2022 09:51
(Alliance News) - Smurfit Kappa Group PLC on Wednesday reported double-digit increases in both revenue and profit for the nine months that ended on September 30.
The Dublin-based packaging maker said pretax profit rose by 77% to EUR1.14 billion in the nine months that ended September 30 from EUR645 million a year before.
Revenue rose 33% to EUR9.72 billion from EUR7.29 billion.
Earnings before interest, tax, depreciation and amortisation increased by 43% to EUR1.77 billion from EUR 1.24 billion a year ago. Ebitda margin grew to 18.2% compared to 17% a year ago.
Shares in Smurfit were down 4.9% at 2,756.00 pence each on Wednesday morning in London.
"Significant cost inflation is being recovered in corrugated box pricing as anticipated. Against strong comparisons, corrugated box volumes were flat for the first nine months," Chief Executive Officer Tony Smurfit said.
Looking ahead, the company expects to deliver annual Ebitda of EUR2.3 billion. In 2021, Ebitda amounted to EUR1.70 billion.
In July, Smurfit Kappa said pretax profit rose by 86% in the half-year to June 30 to EUR769 million from EUR413 million a year ago, as revenue rose 36% to EUR6.39 billion from EUR4.68 billion.
Revenue rose 36% to EUR6.39 billion from EUR4.68 billion.
By Xindi Wei; [email protected]
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