HELSINKI, JANUARY 28 (Xinhua) – Finnish pulp and paper giant Stora Enso reported on Friday that its sales in the fourth quarter (Q4) 2021 amounted to 10,164 million euros (11.3 million US dollars), against 8,553 million euros a year earlier.
The company’s operating profit before interest and taxes (EBIT) for the full year more than doubled from the previous year to a record high of EUR 1,528 million.
“We have taken advantage of our strategic positioning and scale to achieve a full-year operating EBIT margin of 15 percent, the highest in our long history,” said Annica Bresky, President and CEO of Stora Enso, in a press release.
The profit level for the fourth quarter was the best since the beginning of the 2000s, she said.
Stora Enso also announced investments worth EUR 23 million to increase the capacity of its corrugated board plant in Varkaus, Finland, and EUR 40 million to improve operations and reduce the carbon footprint of its fluff pulp production plant in Skutskar, Sweden.
In 2021, the company ceased production and deliveries of dissolving pulp. It closed a pulp and paper mill in Veitsiluoto, Finland, and a paper mill in Kvarnsveden, Sweden.
“When we look at this year, our outlook is that we will deliver results for the full year 2022 roughly in line with 2021,” Bresky said.
According to its company profile, Stora Enso is one of the largest private forest owners in the world. It owns forest land in Sweden and also has biological assets in Finland, Brazil, Uruguay and China through subsidiaries, joint ventures and indirectly through investments reported according to the equity method.