Switzerland-based packaging company SIG has recorded revenue of €770.8m for the third quarter (Q3) of fiscal 2022 (FY22)
The figure represents a 52.1% increase on a reported basis and a 41.2% growth on a constant currency basis from the same period of fiscal 2021 (FY21).
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In the three months to 30 September, SIG‘s European business registered revenue of €229.7m, an increase of 28.6% on a constant currency basis compared with Q3 2021.
The company’s Middle East and Africa (MEA) and Asia-Pacific (APAC) operations recorded 18.1% and 20.2% revenue growths respectively.
Its Americas operations recorded the highest revenue growth in Q3 2022, at 112.5%.
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Scholle IPN and Evergreen Asia, two companies acquired by SIG this year, contributed €187m to its revenue in the quarter.
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By GlobalDataSIG’s net income dropped significantly in Q3 2022 to €9.3m from €36.4m a year earlier.
The company’s adjusted net income for the quarter was €68.7m, against €60.6m in Q3 2021.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) stood at €124.6m, while its adjusted EBITDA grew to €178.8m from €137.1m a year previous.
In a statement, SIG said: “In the second half of the year, the Group is experiencing higher costs compared with the same period in 2021.
“The contribution of price increases has been accelerating although, as the increases are staged, they offset cost inflation with a lag.
“The realisation of higher price increases in both the aseptic carton business and at Scholle IPN protects absolute adjusted EBITDA but compresses margin.
“In view of these factors, the full year margin is expected to be around 25%, rather than around 26%, a strong outcome in the current market context.”
For the full year, SIG expects its revenue to exceed its guided range of 22-24% at constant-currency rates.
Earlier this month, the company partnered with Tagaddod to launch an aseptic carton recycling programme in Egypt.
