Improved volumes and price increases helped the plant-materials group grow core profit two-thirds in its 2022 year
Mondi workers stand behind a fence in Stamboliyski, Bulgaria. Picture: STOYAN NENOV/REUTERS
Valued at R151.5bn on the JSE, Mondi operates more than 100 production sites in over 30 countries, but generates most of its energy internally, 80% of this from biomass. “We are in the fortunate position of being significantly self sufficient,” he said during an investor presentation. Sanctions on Russia have also prompted moves by Mondi to exit that country, with that business held for sale. Mondi’s Russian operation had contributed €228m in core profit in its 2022 half year, about a fifth of its total.
Mondi’s net debt fell 27.7% to €1.22bn at period end, while it declared a 21.67 euro cent dividend, up 8% year on year, and representing a €105m payout.
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