In the first quarter of the 2022 financial year, Irish Smurfit Kappa Group (SKG) has recorded sales growth of 33 per cent to €3.02bn and Ebitda growth of 33 per cent to €514m.
Consolidated corrugated box deliveries increased by 3.6 per cent, with Europe recording a 3 per cent rise and the Americas region a 6 per cent rise in deliveries, the company reported. The company's paper and corrugated operations performed well during the quarter across all regions. Additionally, SKG has seen strong recovery and growth in its speciality business areas.
Tony Smurfit, Group CEO, commented: "The first quarter presented a number of significant operational challenges. Practically all input costs have risen sharply and already tight markets and supply chains have been exacerbated by the war in Ukraine. Our integrated and resilient business model has ensured security of supply in this increasingly complex environment.”
SKG recently completed the acquisition of Argencraft, a corrugated facility located in Buenos Aires, Argentina. The acquisition complements SKG's existing operations in the country.
At the start of the second quarter, demand continues to be good with progressive corrugated price recovery. However, cost increases and supply constraints remain challenging.
On 1 April, SKG announced its decision to exit the Russian market.