BEWI reports another record financial quarter

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Inflation and supply chain challenges did not impact the company’s operations.

BEWI, the market leader in fish packaging, recorded net sales of €277 million for the second quarter of 2022, up by 40 percent compared to the €198.1 million for the same quarter last year. 19 percent of the growth was organic, mainly explained by higher sales prices. Adjusted EBITDA came in at €40.3 million, up from €31.6 million recorded for the second quarter of 2021.

“We are pleased to deliver another record quarter for BEWI. The results are backed by continued solid demand from our key markets, good operational performance, and strong price management,” Christian Bekken CEO of BEWI, said.

“We are pleased to deliver another record quarter for BEWI. The results are backed by continued solid demand from our key markets, good operational performance, and strong price management,” Bekken added.

For the first six months of 2022, BEWI had revenues of €507.2 million, compared to €347.0 million for the same period last year, representing 46 percent growth, of which 27 percent is organic.

All business segments contribute to the organic growth compared to, mainly due to strong price management. Styrene prices continued to increase in the second quarter, with stable demand for EPS raw material, resulting in a continued strong GAP.

In the first half of 2022, BEWI has completed the acquisition of the Norwegian paper packaging company Trondhjems Eskefabrikk and the recycling platform company Berga Recycling, as well as increased its ownership of the UK-based insulation and packaging company Jablite from 49 to 100 per cent.

Further, the company has announced its acquisition of the Lithuanian packaging and insulation company BalPol, which is expected to be completed in the third quarter this year, and finally, the company has received approval from all relevant competition authorities to close the Jackon transaction under certain conditions.

Going forward, BEWI expects a stable long-term demand in its key markets, including the markets for food packaging, insulation, HVAC (heating, ventilation, air-condition) and automotive components, based on strong underlying fundamentals. Challenges and uncertainty related to the global supply chain shortages, high energy prices, and concerns around inflation and increasing interest rates are closely monitored and managed in the daily operations. So far, these factors have not had any material impact on demand.