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|Browse our interactive 2019 Sappi Annual Integrated Report here.|
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/ Sappi Limited (JSE: SAP, OTC: SPPJY) will release its Q1 FY21 financial results for the period ended December 2020 on Wednesday, 03 February 2021, at 09:00 South African time.
/ Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “The group’s performance over the past year was severely impacted by the Covid-19 pandemic, the related government lockdowns and the ensuing economic after-effects. While the first half of the year was satisfactory given that we started the year with dissolving pulp prices at historic lows, the third quarter saw the full impact of Covid-19 before a gradual recovery began in the fourth quarter, in particular for Dissolving Pulp (DP). The improvement is further evidenced by the quarter-on-quarter improvement in EBITDA from US$26 million to US$82 million.”
/ Commenting on the quarter’s result, Sappi Limited Chief Executive Officer, Steve Binnie said: “The overall economic effect of the COVID-19 pandemic and related lockdowns, changes in consumer behaviour and logistical challenges had a severe impact on the business in the quarter. Previously weak graphic paper and dissolving pulp (DP) markets were further affected by significant declines in demand and lower sales prices. Our packaging and specialities business increased sales volumes during the quarter and has proven resilient in the current difficult economic circumstances. This segment continues to support our strategy to diversify the group’s product portfolio into higher margin and growing segments.”
/ Commenting on the quarter’s result, Binnie said: “I am very pleased with the strong packaging and specialities performance which saw EBITDA contribution almost double. I am also pleased with the solid results in the graphics paper segment, as well as the significant increase in market share across both segments. Despite these strong performances, the results were negatively impacted due to the historic low dissolving pulp (DP) prices, and reduced DP sales volumes.”