Canadian packaging manufacturer Winpak has posted a 17.9% increase in revenue to almost $1.2bn for last year, against $1bn in 2021.

For the 12 months to 25 December, the company’s flexible packaging operating segment saw its volumes rise by 4%, while volumes for its rigid packaging and flexible lidding operating segment fell by 3%.

Volumes of Winpak’s packaging machinery segment were almost equal to the previous year.

The company said that selling price and mix changes ‘had a large favourable impact’ on its revenue. 

Its net income was $128.2m in 2022, compared with $106.2m in 2021, while the net income attributable to its equity holders was $128.3m, or $1.97 for each share.

The latter figure marked the highest level in Winpak’s history and was up by 23.6% from the prior year.

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By GlobalData

Winpak’s operating expenses, adjusted for foreign exchange, rose by 18.2% last year relative to a 0.6% expansion in sales volumes.

Key variables leading to this increase were heightened freight and distribution costs, as well as higher personnel and expected credit loss expenses. 

For the fourth quarter (Q4), Winpak’s revenue grew by 4.8% to $292.4m from $279.1m in the same period of 2021.

The company’s flexible packaging operating segment recorded a 1% drop in volumes, while volumes for its rigid packaging and flexible lidding operating segment fell by 7%. 

Volumes for its packaging machinery also declined as customers temporarily scaled back on capital purchases due to uncertainty in the economic landscape.

Despite this, selling price and mix changes had a positive effect on Winpak’s revenue in Q4 2022.

Winpak said it is ‘well-positioned to build upon the record-setting revenue and profitability levels achieved in 2022’ both this year and in the long term.

Based in Winnipeg, the company supplies packaging materials and machines for food and beverage, pharmaceutical, medical and personal care companies.