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Packaging company Smurfit Kappa said its annual profit rose 22% amid buoyant demand for cardboard boxes that helped offset higher raw material and energy costs.
Pre-tax profit for the year through December increased to €913 million, up from €748 million year-on-year, as revenue climbed 18% to €10.11 billion.
Smurfit Kappa declared a final dividend of 96.1c per share, up 10% year-on-year.
'Driven by a number of long-term secular trends, we are reporting corrugated growth of 8%,' chief executive Tony Smurfit said.
'This growth is a clear indication that paper-based packaging, renewable, recyclable and biodegradable, is the choice of our customers and the end consumer versus less sustainable alternatives.'
Smurfit said 2021 was characterised by significant and unprecedented cost inflation.
'These costs, particularly in energy, recovered fibre and other categories of raw materials, remain at elevated levels,' he said.
'We expect to continue to recover these costs, with margin improvement, as we progress through 2022.'