Körmendi says the company achieved its IPO expectations. Credit: Bitmap Stock via Shuttertsock.

Norway-based carton packaging company Elopak reported revenues of €1.13bn ($1.21bn) for financial year 2023 (FY23), an increase of 10.6% from €1.02bn in FY22. 

For the annual period, which ended on 31 December 2023, adjusted profit attributable to Elopak’s shareholders totalled €68.3m, up by 55% from €44m in the previous year. 

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Elopak’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for FY23 was 49% higher, standing at €164.1m from €109.9m in the preceding year.  

Adjusted EBITDA also rose by 43% to €170.9m from last year’s €119.4m, reflecting an enhanced margin of 15.1%. 

For the fourth quarter (Q4) of 2023, Elopak continued its upward trajectory, reporting revenues of €287.2m, around a 7.5% increase from €267.2m in the same quarter last year. 

In the quarter, which also ended on 31 December 2023, the company’s adjusted profit for Elopak shareholders stood at €13.5m, an increase of 15% from €11.8m in Q4 FY22.

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EBITDA for Q4 FY23 was 9% higher at €37.4m compared to €34.3m in Q4 FY22. 

Adjusted EBITDA increased 11% to €40m in Q4 FY23 from €35.9m in Q4 FY22, an improvement of €4.1m, which translates to a 13.9% margin. 

Organic growth for the quarter was reported at 8.4%, or €22.4m, after adjusting for currency translation effects.  

Elopak CEO Thomas Körmendi said: “I am happy to report yet another quarter of strong performance and I am pleased to confirm that the Elopak team has delivered on all the three-five year targets set in the IPO [initial public offering] in 2021. 

“I would like to say a big thank you to all our colleagues, customers, suppliers and partners for their fantastic contributions and collaboration throughout the year. We are entering 2024 from a strong position and I look forward to further strengthening our contribution to a more sustainable society while continuing to create shareholder value in the years to come.” 

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