Finnish pulp and paper manufacturer Stora Enso has recorded €11.68bn ($12.74bn) in full-year sales for fiscal 2022 (FY22), up 14.9% from fiscal 2021 (FY21).

The company’s sales for the year, excluding sales of paper, grew by 17% from the prior year.

Stora Enso reported that its operational earnings before interest and taxes (EBIT) grew 23.7% to €1.89bn and its operational EBIT margin was 16.2%.

In the fourth quarter (Q4) of FY22, the company’s sales increased by 5% to €2.8bn and its sales, excluding sales of paper, rose by 5%.

Its operational EBIT declined 16.7% to €355m in this quarter, while its operational EBIT, excluding paper, also dropped to €306m.

Stora Enso’s operational EBIT margin decreased to 12.4% in Q4 2022 from 15.7% in the same period of FY21.

The firm recorded basic earnings per share (EPS) of €0.74 in the quarter, down by 4.7% from €0.78 a year earlier.

It expects its operational full-year EBIT for FY23 to be lower than in FY22.

Stora Enso president and CEO Annica Bresky said: “Our performance in 2022 demonstrates the strength of our leading market positions and our ability to be proactive and agile in making necessary adjustments for a new reality both short and long-term.

“The fourth quarter delivered a sales increase of 5% to €2.86bn.

“The quarter has been characterised by the gloomy general macro-economic outlook along with accelerated market weakness in certain segments such as sawn wood and containerboard.

“We will continue on this path, also going forward until we recover the profitability, as we see that 2023 will be a weaker year than in 2022.

“The relatively high energy self-sufficiency and wood supply, along with strong sourcing operations, support us in market fluctuations.”

Last month, Stora Enso acquired De Jong Packaging Group for an enterprise value of around €1.02bn.