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February 10, 2022

Smurfit Kappa posts 18% growth in full-year revenue for 2021

The company received SBTi approval for its emission targets in line with the Paris Agreement in December 2021.

Irish corrugated packaging company Smurfit Kappa has reported that its revenue rose to €10.1bn ($11.5bn), up by 18% year-on-year, for the 52 weeks to 31 December 2021.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 13% to €1.7bn, which were attributed to strong performance in its European and Americas businesses.

Its group EBITDA margin was 16.8%, down from 17.7% in 2020.

Smurfit Kappa’s basic earnings per share (EPS) grew by 16% to $2.64 in 2021 from $2.28 a year earlier.

The company’s European business recorded an EBITDA of €1.30bn with an EBITDA margin of 16.6%, while its Americas business registered an EBITDA of €441m with a 19.5% margin.

Smurfit Kappa Group CEO Tony Smurfit said: “This performance demonstrates the strength of the integrated model, the quality of our business, our operational efficiency and increasing geographic and product diversity.

“Over the last number of years, the group has made significant investments enabling us to meet our customers’ need for resilience, ensuring they have security of supply and access to the most innovative, sustainable packaging solutions.

“As we begin the year, current trading is strong, and our integrated paper and packaging system remains effectively sold out.

“We continue to see significant opportunities across our geographic footprint and, as such, we are investing to build a platform for durable growth to meet customer demand.”

In December, Smurfit Kappa secured approval from the Science Based Targets initiative (SBTi) for its emission target in line with the Paris Agreement.

The company aims to reduce its carbon dioxide emissions by 55% by 2030 and reach at least net-zero emissions by 2050.

Smurfit added: “These targets are not only in line with the Paris Agreement but also industry-leading and a further sign of Smurfit Kappa Group’s leadership in sustainability.”

Earlier this month, Smurfit Kappa developed a fully recyclable recipe box for UK-based recipe box company Mindful Chef.

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