Smurfit wraps up third quarter with 15 per cent rise in revenue
Packaging titan Smurfit Kappa Group has wrapped up its third quarter with revenues rocketing 15 per cent year-on-year, reaching $7.287 billion.
The group’s EBITDA has enjoyed a comparative year-on-year growth of 10 per cent to €1.235bn, with a margin of 17 per cent
The company has approved €600m of investments in projects across the business over the past nine months this year to meet growing consumer demand.
It has also issued €1bn in bonds under its Green Finance Framework during the same period.
The cardboard box makers benefitted from corrugated growth of nine per cent in Europe and 11 per cent in the Americas, compared to its 2020 figures.
Tony Smurfit, Group CEO, revealed that its integrated paper and corrugated system is “effectively sold out” with most customers supplied “securely and effectively” despite supply chain disruptions, and higher input costs concerning fibre and energy.
He said: “To meet growing customer demand, in the first nine months of the year, we approved approximately €600m in projects across the group. In our corrugated business, we have approved 48 new converting machines and six new corrugators across Europe and the Americas.”
The CEO revealed that the FTSE 100 company has acquired a manufacturing mill in Verzuolo, boosting its supplies by 600,000 tonnes of paper.
It has additionally approved two major paper projects in Germany and Mexico, ensuring future supplies to over 65,000 customers.
Smurfit added, “This continued investment will ensure that Smurfit Kappa remains best placed to satisfy our customers’ needs with the most innovative and sustainable packaging solutions.”
The company is currently trading a 3,880.00 on the FTSE 100, which reflects a 0.36 per cent day-to-day increase.