Navigator reels in record €72M in Q1
The Portuguese office paper maker Navigator enjoyed record first quarter profits of €72 million.
In the first three months of 2023 Navigator turned over €500 million. The result pushed up share prices by 0.12% on Wednesday.
The company led by António José Pereira Redondo informed the Portuguese stock market commission CMVM of its results which were the highest first quarter results ever registered by Navigator.
There was a like-for-like 1.8% growth in business turnover to €501 million and an increase of 7,5% of EBITDA to €130.7 million.
“After a year with a strong lack of offer in the market, leading to an abnormal volume of orders in the industry, the first quarter of 2023 was marked by an accumulation of a high volume of stocks throughout the whole distribution chain, which considerably conditioned demand across all segments of paper pulp, WFU paper and paper packaging”, states the company in a communiqué.
Q1 results saw a 1.4% like-for-like increase in the margin of operational profit, with an EBITDA value going from the equivalent of 24.6% in Q1 of 2022 to 26.1% in Q1 this year; in a period marked by “a significant reduction in the prices of paper pulp”, states the company.