Sappi’s results in the first financial quarter of 2021 have shown a recovery compared to the previous quarter. According to Sappi CEO, Steve Binnie, there has been a continued recovery in Sappi’s results over the past nine months.
Sappi’s Ngodwana Mill. Photo by Sappi
“EBITDA improved progressively from a low of USD26-million in our third quarter of 2020 due to the impact of Covid-19 to USD98-million for the first quarter of our 2021 financial year. I am confident that our recovery is on track despite the ongoing negative effect from Covid-19,” says Binnie.
“As a group we outperformed the guidance provided at the end of the last quarter with profitability across all reporting segments exceeding expectations. During the quarter, the global surge of Covid-19 infections and the related employee absenteeism put all of our operations under pressure. In spite of the unprecedented obstacles that have arisen as a result of the pandemic and through the dedication and resilience of our workforce, our mills remained fully operational.”
Looking forward, Binnie stated: “Despite the ongoing impact of Covid-19, we expect profitability in the second quarter to improve relative to the first quarter. Ensuring the safety of our employees and supporting our customers and communities is a priority and our comprehensive Covid-19 action plan remains relevant and in place.”
