Altri’s revenue surpass the €1,000 million mark for the first time

23 mar 2023

The Altri Group surpassed the €1,000 million mark in revenue for the first time, benefiting from the high volume of fiber production, from the growth in sales, but also from the rise in prices in international markets.

Total revenues, which include other income, reached €1,066.2 million, a growth of 34.4% compared to 2021, while EBITDA reached €301.4 million in 2022, an increase of 32.4% compared to 2021. The EBITDA margin of 28.3% showed resilience despite the strong inflation of the various variable costs felt during the past year.

“Despite the difficult context, the year 2022 reinforced operating results, with 301.4 million euros in terms of EBITDA (+32.4%), as well as the net result (continued operations) which amounted to €152.1 million”, notes José Soares de Pina CEO of Altri. This result translates into a growth of 23% compared to 2021.

Reinforced production with 85% of sales abroad

Through Caima, Celbi and Biotek, the Altri Group presented a record total volume of cellulosic fibers produced of 1,142.6 thousand tons, 1.5% above the registered in the previous year, a performance revealing the growing efficiency of the various production units in Portugal.

In terms of sales, there was a year-on-year decline (-4%) to 1,107.6 thousand tons in total for 2022, which is explained by the year-on-year drop of 9% recorded in the last quarter of the year due to some slowdown in demand.

A large part of the Altri Group's cellulosic fibers were sold in international markets, which absorbed 85% of the total

Financial strength to seize opportunities

In 2022, the Altri Group continued to invest in its various production units, including maintenance, environmental and growth projects.

Investment increased by 73.5% to €45.3 million, but net debt shrank. “Despite this strong investment, we present a solid financial position, reducing our already low level of net debt (1.1x EBITDA), which allows us to maintain the financial flexibility to seize future opportunities in the bioeconomy”, adds the CEO of Altri.

José Soares de Pina points out that the Altri Group “remains fully committed to the evaluation of a new industrial unit for the production of sustainable textile fibers in Galicia, which includes an environmental impact study, economic viability, engineering design, financing and access to European Union funds”.