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July 28, 2022

Smurfit Kappa Group registers 36% revenue growth for H1 2022

The company’s profit before income tax increased by 86% to €769m in the six-month period.

Irish paper packaging company Smurfit Kappa Group (SKG) has reported a 36% increase in revenue for the first half (H1) of the fiscal year 2022 (FY22), which ended on 30 June.

The company’s revenue in the six-month period amounted to €6.38bn.

SKG’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the period were €1.17bn, up by 50% from €781m in H1 2021.

Its first-half EBITDA margin was 18.4%, increasing from 16.7% in the same period of FY21.

SKG’s profit before income tax for H1 2022 increased by 86% to €769m, against €413m in FY21.

The company’s European business reported EBITDA of €926m, while the EBITDA of its Americas business were €271m.

The two businesses registered EBITDA margins of 18.7% and 18.8% respectively.

Smurfit Kappa Group CEO Tony Smurfit said: “Our strong performance is a result of the many actions we have taken over a number of years.

“These actions include significant customer-focused investments to meet growth, providing the most innovative and sustainable paper-based packaging in the marketplace and selective acquisitions ensuring security of supply to our customers.

“In the first half of 2022, we have overcome many challenges, including sharply increasing input costs, logistics and supply chain constraints, Covid-19 disruption and the impact of the war in Ukraine.

“SKG’s integrated model, our geographic diversity, our continued focus on efficiency through investment and our bespoke business applications have enabled us to offset these challenges together with paper and corrugated price recovery.”

During the first half of FY22, SKG acquired two corrugated converting operations in the UK and Argentina and announced the development of a corrugated operation in Morocco.

In April this year, the company announced its decision to exit from Russia as the country’s invasion of Ukraine continued.

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