Navigator doubles profits to €270.5M year to Q3
The company also revealed that its turnover totalled €1.82 billion, "an increase of 62.8% over the same period last year, driven by favourable price trends".
Portuguese paper manufacturer Navigator posted profits of €270.5 million in the first nine months of this year, more than double the figure for the same period last year, the Group said in a market release.
In the note published by the Portuguese Securities Market Commission (CMVM), the company revealed that its turnover totalled €1.82 billion, “an increase of 62.8% over the same period last year, driven by favourable price trends”.
At the same time, Navigator achieved EBITDA [earnings before interest, tax, depreciation and amortisation] of €551.9 million, compared to €246 million in the previous year, an increase of 124.4%.
In addition, in the third quarter, “net profits were €108.6 million, compared to €111.3 million in the previous quarter and €49.8 million in the same quarter last year”, the company said.
Navigator also pointed out that “leveraged by the pulp price index, the generalised increase in the cost of energy, logistics and raw materials, and also the persistent imbalance in the supply-demand balance, the paper price index in Europe recorded strong growth in Q3 2022, both in comparison with the average price in Q3 2021 (+52%) and with the average price in the previous quarter (+7%)”.
In the statement, Navigator indicated that financial results stood at -€60.1 million, “a worsening of close to €47 million, mainly explained by non-recurring impacts (€40 million)”.
Without the non-recurring impacts, the financial results would have been -€20.2 million, the company said, explaining that “the evolution of current financial results is essentially the result of the negative variation in compensatory interest (-€3.3 million) and in current exchange results (-€2.6 million)”.
At the same time, Navigator’s total investments “amounted to around €65 million”, of which “close to €26.6 million related to investments classified as Environment, representing close to 41% of the total investment for the period”.
“This amount mainly includes investment geared to maintaining production capacity, modernisation of equipment and improved efficiency,” the Group said, adding that “it also includes structural, environmental and decarbonisation projects, some of which have already started up in 2020 and 2021, such as the new wood yard in Figueira, the new evaporation line in Aveiro and the replacement of fuel-oil boilers in Setúbal.
