Sappi Limited (JSE: SAP, OTC: SPPJY) released its Quarter4 and full financial results for the period ended September 2024 on Thursday, 07 November 2024.
For the 4th quarter, Sappi reported a profit of US$226 million and for the year US$684 million, down from about US$731 million, in 2023.
Commenting on the group’s results, Steve Binnie,
Sappi Chief Executive Officer said “following a strong last quarter, I am pleased we were able to exceed our expectations for the year with Adjusted EBITDA of US$684 million for the year ended September 2024. Our strong performance occurred against the backdrop of the subdued macroeconomic environment, ongoing low consumer confidence, and persistent geopolitical uncertainty.”
He said a key highlight was the pulp segment’s strong performance, driving record profitability for the South African region.
However, paper markets remained subdued, with the expected recovery in demand after the prolonged destocking phase of 2023 unfolding slower than anticipated.
To address this, Binnie said fixed costs savings were achieved through strategic rationalisation actions.