Norwegian carton company Elopak has reported a profit of €19m ($20.6m) in the second quarter (Q2) of 2023, up by 39.5% from €13.62m in Q2 2022.

Profit attributable to the company’s shareholders was €18.52m versus €13.87m last year. Basic and diluted earnings per share (EPS) attributable to the company’s shareholders was €0.07 in Q2 2023 against €0.05 EPS in the prior year’s quarter.

Revenues during the reported period, which ended on 30 June 2023, increased by 8% to €278m from €258.50m a year ago.

The company has attributed this increase in revenues to growth in the Europe, Middle East, and Africa (EMEA) region alongside the Americas.

Elopak’s operating profit during the reported period was €25.49m, as against €14.27m in Q2 2022.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled €41.55m in this quarter, representing an increase of 57% from €26.46m.

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In the first half (H1) of 2023, the company’s revenues were up by 16% to €561.41m from €484.25 in H1 last year.

Elopak’s profit during the current H1 period was registered at €35.18m while its operating profit was €50.15m.

Adjusted EBITDA increased by 60% to €82.52m while adjusted EBITDA was €51.43m in H1 2022.

Building on this current growth, the company is now planning to expand its manufacturing footprint by setting up a new plant in the US.

It is expected to start production activities in the country in Q4 2024.

Elopak CEO Thomas Körmendi said: “Building on our solid performance in past consecutive quarters, Q2 saw Elopak delivering strong profitable growth. Despite inflationary pressures, we remain on track to achieving our strategic objectives.

“Our strong performance is allowing us to explore new market opportunities, including building a new state-of-the-art factory in the US, and expanding our India operations.

“Looking forward, we expect to deliver full-year revenue growth well above our mid-term target. While we see softening of some raw material prices, the liquid paper market remains tight and higher board prices will have full effect in the second half of 2023.”