Altri quintuples profits to €124M
The paper and pulp company Altri saw its profits quintuple in 2021 to a record year for both production and sales.
The company made €123.7 million in a year of record sales and production which helped to offset the rise in costs caused by inflation.
Revenues reached €793.4 million in 2021, which represents an increase of 38% in relation to 2020. Altri says its record year is down to “record production of cellulose fibres” and an increase in sales in a period marked by the high price of paper pulp on the international markets”.
The paper pulp production units – Celbi, Biotek and Caima – posted an absolute record in production and sales over 2021, having produced 1,126 million tonnes of paper pulp (+2.2%) and sold 1,153 million tonnes (+5.0%). Overseas markets represented 86% of sales or 996,000 tonnes.
On the other hand, operational costs also accelerated “down to inflationary pressure on production costs” says the paper maker. Prices have climbed 18.6% to €565.7 million last year.
Despite the increase in costs, Altri’s EBITDA (profit before interest, taxes, depreciations and amortisations) increased 132.7% to €227.7 million.
The Portuguese paper maker says that it continues to feel strong demand for paper pulp in Europe at the beginning of 2022 which against the backdrop of low availability, has led to two increases in prices in February (US$30) and March (US$30) taking the price of a tonne of paper to US$1,200.