Navigator: Net profit up 46% in 2021 H1
The company saw profits grow in the first six months of the year, mainly due to the "recovery in the demand for paper."
The Navigator Company saw profits rise by over 46% in the first six months of the year, totalling around €64 million, the papermaker revealed in a statement sent to the Portuguese Securities Market Commission (CMVM) on Tuesday. This growth in net profit is explained by a “recovery in the demand for paper,” which led to a “continued upward adjustment” in pulp prices in the second quarter.
Between January and June, Navigator achieved a net profit of €64.4 million, up from €44 million registered last year, according to the company’s statement. In the same period, EBITDA totalled €150.5 million, also up from €140.1 million in the same period last year.
The sales margin of 21.1% benefited from “the improvement in paper volumes, pulp sales price and savings on unitary variable costs,” says the company, which also highlights a turnover of €715 million.
In the first half, the volume of paper sales totalled 700,000 tonnes, representing a 17% increase, while the volume of pulp sales reached 152,000 tonnes (-21%) and tissue sales amounted to 52,000 tonnes.
“After a first quarter marked by new waves of Covid-19 infections and lockdown periods in most of the Group’s key markets, the last three months have seen a gradual reopening of economies and a recovery in the demand for paper. Following the strong recovery of pulp prices, paper prices registered a continued upward adjustment along the second quarter,” Navigator said.
