Canada-based flexible packaging company Imaflex has reported C$31.1m ($24.22m) in revenues for the first quarter (Q1) of the fiscal year 2022 (FY22).

The 24.7% growth over FY21 was driven by product pricing and higher sales volumes in both Canada and the US.

For the three months to 31 March, Imaflex’s gross profit grew by 3.9% to C$4.8m, but its gross margin as a percentage of sales declined to 15.4% from 18.4% in the corresponding period of last year.

Driven by higher gross profit and other factors, the company’s net income for Q1 was C$2.1m, up by 6.7% from C$2.0m in Q1 2021.

Its diluted earnings per share (EPS) for the quarter remained unchanged from last year at C$0.04, while its earnings before interest, tax, depreciation and amortisation (EBITDA) were C$3.5m, representing 11.4% of its sales.

Imaflex president and CEO Joe Abbandonato said: “The positive momentum seen over the last two years continued into the first quarter of 2022, with Imaflex reporting solid year-over-year increases in revenues and net income. 

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“As we expected, overall sales volumes were up over Q4 2021 while also surpassing levels achieved in Q1 2021, with growth coming from both our Canadian and US operations.

“Recently, we further enhanced our production capacity and capabilities, ordering ancillary flexible packaging equipment, including a metalliser, to replace ageing assets. No additional financing is required to fund the purchases.

“These investments are on top of our major April 2022 announcement regarding the purchase of three multi-layer extruders (‘extruders’). They help secure future growth at a higher contribution than historical norms.”

Based in Montreal, Quebec, Imaflex manufactures polyethylene (plastic) film and bags, including metalised plastic film, for the agricultural, consumer and industrial markets.

Last November, the company reported a 28.6% rise in revenue for the third quarter (Q3) of FY21.