Switzerland-headquartered packaging solutions provider SIG has reported a net income of €84.3m ($89.4m) during the third quarter (Q3) of 2023, up by 806.4% from €9.3m in Q3 2022.
The adjusted net income for the latest quarter was €79m as against €78.2m in Q3 2022.
The company’s total revenue for the reported quarter, which ended on 30 September 2023, was €799.3m, representing a 3.6% growth from €770.8m in Q3 2022.
In terms of specific regions, the company registered its highest revenue in Europe, followed by the Asia Pacific (APAC), Americas, and Middle East and Africa (MEA) regions.
SIG saw a 7.2% increase, on a reported currency basis, in revenue to €246.1m in Europe in Q3 2023, as against €229.7m in Q3 of 2022.
On a reported currency basis, total revenue in the APAC region for the latest quarter meanwhile, was up by 4.3% to €239.7m from €229.9m in Q3 2022.
In the Americas region, revenue growth on a reported currency basis for this year’s Q3 was 0.3% to €233.5m from €232.8m in Q3 2022.
A 1.9% revenue increase, on a reported currency basis, was also registered in the MEA region to €79.6m from €78.1m in the same period of last year.
SIG’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) totalled €236.5m, representing a growth of 89.8% from €124.6m in Q3 last year.
Adjusted EBITDA for the current quarter of 2023 was listed as €198.0m, as against €178.8m in the previous year’s Q3.
For the nine months ending on 30 September 2023, SIG’s net income stood at €136.9m, an increase of 80.3% from €75.9m during the first nine months of 2022.
Total revenue for these nine months totalled €2.3bn, which is 22.2% more than the total revenue of €1.9bn registered during the same period last year.
For the remaining period of financial year 2023, the company anticipates its revenue to grow between 20% and 22% at a constant currency rate.
According to SIG, it is expecting 'top-line growth', as price increases within the carton business are set to continue.
This could further contribute to 7% to 9% organic constant currency revenue growth for the aseptic carton business alone.
