Last month, SMG expanded its operations in Africa with a new corrugated board plant. Credit: Richard Says/ Flickr (Creative Commons).

Corrugated packaging company Smurfit Kappa Group (SKG) has reported total revenue of €5.83bn ($6.39bn) in the first half (H1) of financial year 2023 (FY23), down 9% from €6.38bn in the same period FY22.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the period declined by 5% to €1.11bn, affected by lower earnings in Europe.

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Its EBITDA margin was 19.1% in H1 FY23, up from 18.4% in the first half of 2022.

For the period ending 30 June 2023, operating profit before exceptional items was €779m, which is 7% below the prior year’s figure of €839m.

The company’s profit for H1 FY22 was €476m against €574m in H1 FY22.

Its basic earnings per share was 184 cents in Q2 FY23, from 221.9 cents a year ago. 

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Smurfit Kappa CEO Tony Smurfit said: “We are pleased to deliver an excellent outcome against a challenging macro backdrop with a strong first-half performance. In a declining volume environment this reflects both the quality and resilience of SKG’s integrated and geographically balanced business model.

“Although volumes declined by 6% in the first half, we saw market share gains across many of the countries in which we operate, and encouragingly, in Europe, during the second quarter, we saw our shipments per day improve on the previous three quarters.

“The steps we have taken and continue to take, have positioned SKG for long-term growth. These include expanding our geographic reach and product portfolio, our unrelenting focus on customer-led innovation and promoting our product’s natural sustainable advantage to advance new growth opportunities. Additionally, through our integrated model, customers benefit from security of supply even in the most challenging market conditions.”

Last month, Smurfit Kappa expanded its operations in Africa with the launch of a new integrated corrugated plant in Rabat, Morocco.