Corticeira Amorim’s net profit increased by 18.2% to EUR 23.8 million in the first quarter of the year, an increase partly due to savings realized on operating costs such as energy and transport.
Information provided to the Securities Market Commission (CMVM) this Monday also indicates that the company will pay a gross dividend of EUR 0.20 per share on May 15.
Corticeira Amorim recalls that, despite the negative effects of higher consumer prices for cork and the increase in personnel costs, “significant savings were made in operating costs” during this period, mainly due to lower energy and transport prices.
Consolidated EBITDA (earnings before tax, interest, depreciation and amortization) increased to EUR 47.9 million (EUR) in the first three months of the year, compared to EUR 44.1 million in the same period last year.
The results of the company’s activities for the first quarter of the year indicate that consolidated sales amounted to 259.9 million euros, a decrease of 1.4% compared to the same period of the previous year.
“The sales decline in the Coverings Business Unit (BU) was a key driver of the consolidated sales evolution, with a focus on the 5.9% sales growth of the BU Cork Stoppers,” the company says.
He also recalls that, in global terms, in 2022 “the first quarter was the highest in terms of revenue growth, setting the equation for the same period of 2023.”
At the end of March, net interest-bearing debt amounted to 166 million euros (46 million euros in the first quarter of 2022 and 122 million euros at the end of the year).
The company justifies the debt growth with the increase in the need for working capital (59 million euros) and the increase in investments in fixed assets (20 million euros).
Corticeira Amorim is a cork processing group with offices in several countries.
Source: DN
