Set against a year of extraordinary circumstances, 2022 was another highly successful one for the Smurfit Kappa Group (SKG), said Tony Smurfit, group CEO.
Revenue for the year went up by 27%, to €12.8 billion, according to the group’s full-year financial results.
The packaging firm reported EBITDA for the full year of €2,355 million – up by 38% on 2021 – with higher earnings in both Europe and the Americas.
“Our performance reflects the ongoing benefits of our investment programme, together with our customer-led innovation and sustainability initiatives. SKG’s integrated model, together with our geographic footprint, continue to deliver for all stakeholders,” Smurfit commented.
Box Volumes
Smurfit noted that, for the full year, box volumes for the group were down by less than 2%.
“The rate and pace of inflation clearly had a negative effect on the demand environment in 2022. As guided by the group, this coincided with the partial reversal of the unsustainably high demand levels seen through the pandemic period,” he said.
“This slowdown was particularly evidenced in the latter part of the year, especially in the month of December, where we saw stock reductions and downtime taken by customers.”
Expansion
The group noted that it continued to expand its geographic footprint and product portfolio through acquisitions in 2022.
In Europe, Smurfit Kappa purchased operations in Spain and the UK, while, in the Americas, it acquired operations in Argentina and Brazil.
Read More: Smurfit Kappa Acquires Rio de Janeiro Packaging Plant
Looking Ahead
Although very early, Smurfit said that 2023 “has started well”.
“While there are and always will be challenges, SKG has never been in better shape strategically, financially and operationally,” he added.
“We have put ourselves in a position with the steps that we have taken and continue to take, to deliver high-quality performance and to take advantage of the many opportunities we see around us.”
© 2023 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more packaging stories, click here. Click subscribe to sign up for the Checkout print edition.
