The packaging company’s revenue in Q1 2023 was down by 1% to €2.99bn, compared to €3.02bn in the corresponding quarter of 2022
A corrugated packaging plant of Smurfit Kappa. (Credit: Donald Trung/Wikimedia Commons)
Smurfit Kappa has posted a 7% growth in its profit before income tax to €339m in the first quarter of 2023, compared to €317m in the same quarter of the previous year.
The basic earnings per share (EPS) of the Ireland-based packaging solutions provider for the reported quarter was 93.8c, which is a 5% increase, compared to 89.2c in Q1 2022.
Smurfit Kappa’s revenue in Q1 2023 was down by 1% to €2.99bn, compared to €3.02bn in the same quarter of the previous year.
The EBITDA of the packaging company was up by 13% from €514m in Q1 2022 to €579m in the reported quarter.
Its net debt as of 31 March 2023 stood at €2.93bn, which is 2% lesser than €2.99bn as of 31 March 2022.
Smurfit Kappa group CEO Tony Smurfit said: “This performance reflects the continuing benefits of our integrated model, the effectiveness of our capital spend, our constant focus on innovation for customers and our geographic footprint.
“Together with the commitment and dedication of our people and our performance-led culture, these attributes have enabled us to continue to deliver in an environment where volumes were lower than the previous year.”
Smurfit added that the demand in Q1 2023 was as expected largely in line with that of Q4 2022. The group expects to see improvement in the demand environment as the year goes on and that it is well positioned across its regions to take advantage of.
The paper-based packaging solutions provider has more than 350 production sites located across 35 countries. Its revenue in 2022 was €12.8bn.
Earlier this year, Smurfit Kappa announced a €27m investment in a new waste management and recovery facility at its Nervión paper mill in Iurreta, Spain.