2 Nov 2022 | Smurfit Kappa announced a trading update for the 9 months to 30 September 2022.
- Revenue growth of 33% to €9,724 million
- EBITDA growth of 43% to €1,767 million with an EBITDA margin of 18.2%
- Net Debt to EBITDA ratio below 1.4x
- ROCE of 20.6%
- Ongoing capital investment to support customers and to optimise SKG’s system
Performance Review and Outlook
Tony Smurfit, Group CEO, commented:
“SKG has delivered a very strong performance in the first nine months with revenue growth of 33%, EBITDA of €1,767 million and an EBITDA margin of 18.2%. We continue to drive improvement across all areas of our business, consistent with the delivery of our strategy, providing the most innovative and sustainable packaging through our integrated business model, ensuring security of supply to our over 65,000 customers.
“Significant cost inflation is being recovered in corrugated box pricing as anticipated. Against strong comparisons, corrugated box volumes were flat for the first nine months.
“The investments we have made over the last number of years are making the Group ever more efficient with a customer-led focus on quality, innovation and sustainability. With SKG's scale and geographic reach across 36 countries, together with the many specialist businesses within the Group, there remain many opportunities for growth.
“Our results reflect the steps we have taken and the quality of the Smurfit Kappa business. We expect to deliver EBITDA of approximately €2.3 billion for the full year 2022.”