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Smurfit Kappa said on Wednesday that it plans to increase its final dividend by 10 per cent for 2021, after the paper packaging giant reported slightly-better-than-expected earnings growth for the year.
The Dublin-based company’s earnings before interest, tax, depreciation and amortisation (ebitda) rose 13 per cent to €1.7 billion, to beat consensus forecasts among analysts by 2 per cent, as revenue advanced 18 per cent to €10.1 billion.
“This was particularly pleasing as the year was characterised by unprecedented cost inflation,” said chief executive Tony Smurfit. “These costs, particularly in energy, recovered fibre and other categories of raw materials, remain at elevated levels. We expect to continue to recover these costs, with margin improvement, as we progress through 2022.”
The company has been benefitting in recent times from a surge in ecommerce and a shift across the consumer goods industry towards sustainable packaging, with both major trends having accelerated during the Covid-19 pandemic.
Demand for Smufit Kappa’s corrugated cardboard jumped 8 per cent last year, “illustrating the robust demand backdrop for our innovative and sustainable product offering”. The company said that its corrugated pricing has continued to improve “in line” with its expectations.
“As we begin the year, current trading is strong and our integrated paper and packaging system remains effectively sold out,” said Mr Smurfit. “We continue to see significant opportunities across our geographic footprint and as such, we are investing to build a platform for durable growth to meet customer demand.”
Goodbody Stocbrokers analyst David O’Brien said that Smurfit Kappa’s target-beating earnings were driven by a combination of better pricing and cost efficiency in its markets in Europe and the Americas.
“Demand remains strong across the group while there is clear momentum in box pricing,” he said. “Management notes that it expects to continue to recover costs in [2022] thereby improving margins.”