Kappa closed a triple tranche bond offering in the period. Credit: Sebw via Shuttertsock.

Smurfit Kappa Group, a provider of paper-based packaging solutions, has reported a revenue of €2.7bn ($2.8bn) for the first quarter (Q1) of financial year 2024 (FY24).

According to the company’s trading update for the reported three-month period, which ended on 31 March 2024, its earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at €487m. 

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It also reported an EBITDA margin of 18.0% in Q1 FY24. 

According to Kappa, these positive results have been attributed to the continued growth in corrugated box volume, which was in line with expectations.  

The company saw box demand improve, with volume growth in Europe and the Americas region of approximately 3% and 2%, respectively.  

Additionally, Kappa’s financial position was bolstered by a highly successful bond offering of $2.75bn.  

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Kappa CEO Tony Smurfit said: “The group recently announced the closure of a triple tranche bond offering, comprising $750m notes due 2030, $1bn due 2034 and $1bn due 2054 at coupons of 5.200%, 5.438% and 5.777% respectively.” 

The company said that its integration planning to finalise the acquisition of Westrock is also progressing well. 

The deal between the two was signed in September last year and will see the formation of a new combined holding company, dubbed ‘Smurfit WestRock’. 

Kappa specialises in offering products that are 100% renewable and produced sustainably, thereby improving the environmental footprint of its customers. 

It currently has more than 350 production sites across 36 countries, with approximately 47,000 employees. 

The company, which generated revenue of €11.3bn in FY23, operates in 22 countries in Europe, 13 in the Americas, and one in Africa.