Mayr-Melnhof significantly increased its sales and profits in the first nine months of the current financial year. The figures published at the beginning of December show that consolidated sales rose by almost 64 percent year-on-year to EUR 3.45 billion and the net income for the period by a good 145 percent to EUR 315.2 million. Earnings per share (EPS) increased from EUR 6.37 to EUR 15.67.
According to the quarterly report, the drastic cost inflation was cushioned by price adjustments, cost controls and increases in efficiency. In the third quarter, performance remained strong – but below the “extraordinarily high level” of the second quarter. The significant increase in earnings over nine months was possible despite a very challenging cost and business environment.
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According to the information, the earnings statement for the first three quarters is primarily characterized by the inclusion of the cardboard and paper mills MM Kwidzyn and MM Kotkamills. The works were acquired at the beginning of August 2021.
The packaging division has consistently recorded solid order intake. In the “Board & Paper” area, however, the order backlog in the third quarter fell significantly to the level before the pandemic as a result of the well-stocked supply chain. According to the annual report, there were “selective temporary standstills” in the cardboard plants. But “despite recurring bottlenecks in our procurement markets, we managed to maintain supplies to our customers.” When asked, a spokesman explained that these were individual machines in the cardboard area that were idle for a short time.
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Further selective temporary shutdowns are expected in the Board & Paper Division in the fourth quarter. “Although a recession scenario must be assumed for the overall economy, a rather robust development can be expected in most of our business areas despite further inventory reductions in the supply chain,” it continues. In an environment that is currently changing rapidly, securing profitability remains the top priority.
