Smurfit Kappa packages up revenue growth as it offloads cost inflation to customers
Smurfit Kappa posted growth in revenue and profit for the first nine months of 2022 as it offloads higher prices onto customers.
The packaging firm saw revenue jump 33 per cent to €9.72bn, while EBITDA grew by 43 per cent to €1.76bn.
Smurfit Kappa chief Tony Smurfit said the company had recovered significant cost inflation by raising its corrugated box prices.
“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 Kappa said.
The FTSE 100 firm expects underlying profit (EBITDA) for the full year to hit €2.3bn.
Shares dropped nearly two per cent following the trading update, adding to its 30 per cent decline in the year to date.