Navigator profits tumble 30% to €275 million in 2023

The Navigator Company, which makes paper and paper paste, closed 2023 with a business turnover of €1.9Bn, its second best result ever.

The company posted a net result of €275 million, a 30% fall on the €392 million posted for 2022, the year in which it almost doubled its profits.
In a communiqué released on Tuesday, the company emphasised that the net results from 2023 were still 29% above the average for the last five years.
The company said it closed 2023 with a business turnover of €1.953Bn, “the second best result in the company’s history, 11% up on the average turnover of the last five years”. In 2022 the group had achieved its historic maximum in sales of €2.465Bn.
In releasing its accounts for last year, the company stresses that the world macroeconomic situation at the start of 2023 had not been promising, with the expectation of modest growth rates, or even negative rates for the main developed economies within the context of the war in Ukraine, tensions between China and Taiwan, and the conflict in the Middle East but even so had managed to achieve a considerable reduction in variable costs.”
The company posted an EBITDA of €502 million while the margin on EBITDA was 26% which compares to an average margin of 24.3% for the past 5 years.