Semapa profits up 35%

The Portuguese holding Semapa, which is one of the country’s largest industrial groups with a footprint on four continents in areas such as paper and paper paste, cement, construction materials and venture capital, saw its profits jump by 35% to €57 million in the first quarter of 2023.

In a note sent to the Portuguese stock market commission CMVM, the holding that controls Navigator, Secil and ETSA states that its “net result at the end of the first quarter of 2023 was €57 million compared to €42 million in Q1 of 2022 and €75.7 million in Q4, 2022.
The €12.1 million increase in the holding’s operation result was the “main driver for the increased net result”, the company explains.
Semapa’s EBITDA totalled €166.8 million (higher than the €154.7 million posted in Q1, 2022. Of this total, €130.7 million was generated by Navigator, €32.2 from Secil and €4.6 million from ETSA.
Consolidated EBITDA margin was 24.7%. (*+0.6% like-for-like)
Consolidated business turnover was €675.2 million, above the €641.8 million posted in Q1, 2022 and €809.7 million in Q4, 2022.
Navigator was the main driver behind this increase with €501.2 million. Secil generated €159.4 million and ETSA €14.7 million.
The increase in the business turnover at Navigator was “driven by a 19% increase in sales of paper paste and by the favourable evolution of tissue prices on the same period in 2022”.
At Secil, the business turnover essentially reflected the increase in average sale prices in Portugal and in Tunisia (where it has cement works).
“Exports and sales overseas for the same period rose €489 million, representing 72.4% of business turnover” sates the communiqué.

Image: The Navigator Company – RR.