Corticeira Amorim profits up 32%

Portugal’s largest cork producer, Corticeira Amorim posted profits of €98.4 million euros, a growth of 31.6% on the previous year. However, the profits were negatively impacted by a €11.4 tax contingency.

In a communiqué to the Portuguese Stock Market Commission CMVM, the company led by António Rios Amorim revealed that sales turnover last year stood at €1.021Bn, an increase of 21.9% on 2021 to which “the consolidation of the activities of the Saci Group of companies since January 1, 2023, and organic growth (+7.9%) had all contributed.
Corticeira Amorim also states that despite the “economic slowdown seen over the year, all of its business activities enjoyed a growth in sales, reflecting an enhanced product mix, an increase in prices and greater levels of activity.”
The evolution in the exchange rates had a positive, which excluding the effect of sales has risen 19.9% (or 5.9% excluding the consolidation of the Italian company Saci, 50% of which has been held by Amorim since January 1, 2023.
The consolidated EBITDA rose from €134.4 million in 2021 to €164 million in 2022, with the EBITDA/sale ratio at 16.1%.
The group points out that inflationary pressures continue to penalise the results, with special focus on the significant increase in energy prices and some raw materials, as well as an increase in staff costs.
But the “efforts to improve the product mix and prices adjustments” were all decisive factors in offsetting rising costs and protecting the company’s profitability in 2022”.

Photo: Lusa – A Cotrim