Financial summary for Q3 FY24 ended June 2024:
- EBITDA excluding special items, up over 40% to US$151 million (Q3 FY23 US$106 million)
- Profit for the period is up over 25% to US$51 million (Q3 FY23 US$40 million)
- EPS excluding special items is up by 4c to 9 US cents (Q3 FY23 5 US cents)
- Net debt of US$1,340 million (Q3 FY23 US$1,176 million)
Sappi announces results for the third financial quarter 2024
Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “I am pleased the Group delivered EBITDA (earnings) more than 40% above the prior year at US$151 million. Despite the third quarter being a seasonally slower period for our business, and the sluggish global economy, our results were in line with our guidance. Underlying profitability, excluding a US$30 million impact from scheduled maintenance shuts at Saiccor and Somerset Mills, remained steady quarter-on-quarter. This is a pleasing performance driven by sustained strong market conditions in the pulp segment, offset somewhat by a muted recovery in paper markets.”
Looking forward, Binnie stated: “Global macroeconomic conditions and consumer sentiment are slowly improving but a high level of uncertainty still exists, which is exacerbated by ongoing logistical challenges. Thanks to our very competitive dissolving pulp business, and our strategic focus on growing the packaging and speciality paper segment, Sappi remains well positioned to benefit from a global economic rebound. Notwithstanding the modest recovery in global macroeconomic conditions, and taking into consideration the impact of rising costs, we anticipate that EBITDA (excluding plantation fair value price adjustment) for the fourth quarter of FY24 will be above that of the equivalent quarter in the prior year.”
You can download and view all of the latest financial results below, alongside our 2023 Annual Integrated Report.
