NORWAY – Elopak, a supplier of carton packaging and filling equipment has reported revenues of €1.13 billion (US$1.21bn) for financial year 2023 (FY23), an increase of 10.6% from €1.02 billion (US$1.10bn) in FY22.
For the ending on 31 December 2023, adjusted profit attributable to Elopak’s shareholders totaled €68.3 million (US$73.60m), up by 55% from €44 million (US$47.42m) in the previous year.
Elopak’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for FY23 was 49% higher, standing at €164.1 million (US$176.84m) from €109.9 million (US$118.43m) in the preceding year.
Adjusted EBITDA also rose by 43% to €170.9 million (US$184.17) from last year’s €119.4 million (US$128.67m), reflecting an enhanced margin of 15.1%.
For the fourth quarter (Q4) of 2023, Elopak continued its upward trajectory, reporting revenues of €287.2 million (US$309.49m), around a 7.5% increase from €267.2 million (US$287.94m) in the same quarter last year.
In the quarter, which also ended on 31 December 2023, the company’s adjusted profit for Elopak shareholders stood at €13.5 million (US$14.55m), an increase of 15% from €11.8 million (US$12.72m) in Q4 FY22.
EBITDA for Q4 FY23 was 9% higher at €37.4 million (US$40.30m) compared to €34.3 million (US$36.96m) in Q4 FY22.
Adjusted EBITDA increased 11% to €40 million (US$43.10m) in Q4 FY23 from €35.9 million (US$38.69m) in Q4 FY22, an improvement of €4.1 million (US$4.42m), which translates to a 13.9% margin.
Organic growth for the quarter was reported at 8.4%, or €22.4 million (US$24.14m), after adjusting for currency translation effects.
Elopak CEO Thomas Körmendi said: “I am happy to report yet another quarter of strong performance and I am pleased to confirm that the Elopak team has delivered on all the three-five year targets set in the IPO [initial public offering] in 2021.
“I would like to say a big thank you to all our colleagues, customers, suppliers and partners for their fantastic contributions and collaboration throughout the year.
“We are entering 2024 from a strong position and I look forward to further strengthening our contribution to a more sustainable society while continuing to create shareholder value in the years to come.”
Sonoco reports 2% increase in FY23
Sonoco has reported US$475 million as net income attributable to the company in financial year 2023 (FY23), an increase of 2% from US$466 million in FY22.
The company saw a 6% decrease in net sales to US$6.78 billion in FY23 from US$7.25 billion in FY22 due to lower volumes across its portfolio, though this was partially offset by revenue from acquisitions.
The company’s operating profit for 2023 was US$716 million, marking a 6% increase from US$675 million in FY22.
This rise was due to gains on divestitures and asset sales, lower acquisition and restructuring costs, favourable productivity, and revenue from acquisitions.
Sonoco’s earnings per diluted share (EPS) also saw a slight uptick, climbing 2% to US$4.80 in FY23, from US$4.72 in the previous year.
In the fourth quarter (Q4) of FY23, net income attributable to Sonoco declined by 16% to US$81 million from US$97 million in the same period a year ago.
Net sales for the quarter ending 31 December 2023 also decreased by 2% to US$1.63 billion in Q4 FY23 from US$1.67 billion in Q4 FY22.
Operating profit in the same quarter increased by 7% to US$135 million, also bolstered by lower acquisition and restructuring costs, favourable productivity, and revenue from acquisitions.
Its diluted EPS was US$0.82 in Q4 FY23, down 16% from US$0.98 in the prior year’s quarter.
Sonoco president and CEO Howard Coker said: “In 2023, Sonoco made further progress on our strategic initiatives and delivered solid financial results in a challenging macroeconomic environment. We achieved the second-best year of financial results in our 125-year history.
“Our multiyear focus on improving and leveraging the operating model combined with our capital allocation strategy resulted in record productivity.
‘We advanced our strategy by strengthening our portfolio with the addition of accretive acquisitions in our core businesses, and successfully divesting non-core assets.”
In Q1 FY24, Sonoco expects adjusted EPS to be between US$1.05 and US$1.15. For the full year, the company anticipates adjusted EPS to range from US$5.10 to US$5.40.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
