Borregaard reported second quarter 2022 results

2022-08-22

Aug. 1, 2022 - Borregaard’s operating revenues reached NOK 1,744 million (NOK 1,511 million)2 in the 2nd quarter of 2022. EBITDA increased to NOK 445 million (NOK 416 million), an all-time high quarterly result for the Group. The result increased in BioSolutions and Fine Chemicals while there was a decrease in BioMaterials. The net currency impact on EBITDA was positive compared with the 2nd quarter of 2021.

Higher sales prices and a strong product mix, partly offset by cost increases, were the main reasons for the EBITDA improvement in BioSolutions. Higher sales prices did not fully compensate for increased energy and raw material costs and lower deliveries in BioMaterials. For Fine Chemicals, the EBITDA increase was due to increased sales prices, partly offset by lower deliveries and increased costs.

Operating profit reached NOK 346 million (NOK 314 million). Profit before tax was NOK 322 million (NOK 296 million). Earnings per share was NOK 2.52 (NOK 2.34).

- We are pleased to deliver an all-time high result for the Group. Borregaard’s specialisation strategy with leading and diversified market positions, has proven its resilience towards significant cost inflation and challenges in the value chain, says President and CEO Per A. Sørlie.

Note: Figures in parentheses are for the corresponding period in the preceding year