Smurfit Kappa Group plc (LSE:SKG) has announced strong growth in revenue and profit for the first nine months of 2022 and said it expects to report underlying profit (EBITDA) for the full year of around €2.3bn.
The packaging group posted EBITDA profits of €1.7bn in 2021.
In the nine months to 30 September 2022, revenue totalled €9.72bn, a jump of 33% on the same period last year, the packaging group revealed in a trading update.
EBITDA grew by 43% to €1.76bn, with the EBITDA margin climbing to 18.2% from 17%.
Chief executive officer Tony Smurfit said the company had recovered significant cost inflation by raising its corrugated box prices. Corrugated box volumes were flat in the first nine months, against strong comparisons, he added.
“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,” Smurfit said.