Paper and packaging company Smurfit Kappa has reported higher profits and earnings for the first quarter of 2023 but a dip in revenues.
In a trading update ahead of its AGM today, Smurfit Kappa said its EBITDA for the three months to the end of March rose by 13% to €579m from €514m the same time last year.
Operating profit before exceptional items jumped by 17% to €412m from €352m in the first quarter of 2022, but revenues for the three month period slipped 1% to €2.995 billion from €3.024 billion.
Smurfit Kappa said that as anticipated, first quarter demand was broadly in line with the fourth quarter of last year.
The company's chief executive Tony Smurfit said he expects the demand environment to improve as the year progresses, adding that Smurfit Kappa is well placed across its geographies to take advantage of this.
"Smurfit Kappa has never been better positioned to continue to develop and take advantage of opportunities as they present themselves either through organic investments or acquisitions," the CEO added.
The Irish firm said it finalised its exit from Russia in the first three months of the year.
Meanwhile, environmental and human rights activists protested outside Smurfit Kappa's AGM today, over the company's operations in Colombia.
Shares in the company moved higher in Dublin trade today.
