Rosgaard said his team performed well amid challenging volume conditions. Credit: JHVEPhoto via Shutterstock.

Greif has reported a net income attributable to the company of $359.2m for financial year 2023 (FY23), down by 4.6% from $376.7m in FY22.      

Diluted Class A earnings per share attributable to Greif’s common shareholders during FY23 was $6.15, as against $6.30 in FY22.

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For the 12 months ending 31 October 2023, the company reported net sales of $5.2bn, representing a decrease of 17.8% from $6.3bn seen last year.

Operating profit in FY23 decreased by 2.5% to $605.5m from $621.2m in FY22.

Greif’s gross profit for FY23 declined to $1.1bn from $1.2bn registered last financial year.

Total earnings before interest, taxes, depreciation, and amortisation (EBITDA) for FY23 was $823.8m, a 1.2% decline from $834.3m in FY22.

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In FY23, total adjusted EBITDA stood at $818.8m, showcasing a decrease of $98.7m from $917.5m reported a year ago.

During the fourth quarter (Q4) of FY23, net income attributable to Greif totalled $67.8m, a decline of 31% from $99.5m in Q4 FY22.

For the three months ending 31 October 2023, diluted Class A earnings per share attributable to Greif’s common shareholders during the reported quarter was $1.16 versus $1.67 in Q4 FY22.

In Q4 FY23, total EBITDA declined by 16.4% to $169.2m from $202.4m in Q4 FY22.

Greif’s total adjusted EBITDA in Q4 FY23 was $199.2m, representing a $19.5m decline compared to $218.7m in Q4 last year.

Greif CEO Ole Rosgaard said: “I am deeply proud of our team and the results they delivered in FY2023, in the face of market headwinds, which persisted over the balance of the year.

“Facing the historic volume adversity, our team worked collaboratively to take necessary and decisive action to deliver exceptional value for our customers and our shareholders.”

In December 2022, Greif acquired blow-moulded containers supplier Lee Container in a $300m deal.