Sappi delivers results ahead of expectations for the second financial quarter

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Within the context of subdued underlying market conditions due to the challenging macroeconomic environment I am pleased that the group delivered EBITDA of US$183 million, which was 10% above the prior year.”

The increase was primarily due to an improvement from the pulp segment and significant costs savings, which included a 9% reduction in cash fixed costs following the closure of the Stockstadt and Lanaken Mills in Europe. Included in EBITDA was a positive plantation fair value price adjustment of US$3 million. A modest recovery in global paper markets was also observed following the extended destocking cycle in 2023.

Financial summary for the quarter

  • EBITDA excluding special items US$183 million (Q2 FY23 US$167 million)
  • EPS excluding special items 12 US cents (Q2 FY23 11 US cents)
  • Net debt US$1,366 million (Q2 FY23 US$1,225 million)
  • Closure of Stockstadt and Lanaken Mills completed
    https://cdn-s3.sappi.com/s3fs-public/Q2-FY24-Financial-results-media-release-Final.pdf
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Sappi announces results for the third financial quarter 2024

Operating performance for the third quarter was substantially above last year with the group delivering EBITDA(2) excluding special items of US$151 million. Despite the third quarter being seasonally the weakest for our business and a sluggish global economy, the underlying profitability, excluding a US$30 million impact of the scheduled maintenance shuts at Saiccor and Somerset Mills, remained steady quarter-on-quarter. The performance was driven by sustained strong market conditions in the pulp segment, offset somewhat by a muted recovery in paper markets. Included in EBITDA was a positive plantation fair value price adjustment of US$3 million.

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