The Altri Group reached a net profit of €21.6 million in the first three months of 2024, a growth of 10% compared to the same period last year.
This evolution reflects greater production, but also an increase in sales in a context of price recovery.
While EBITDA increased to €50.0 million, total revenue reached €222.7 million euros in the first quarter of 2024, with the increase of volumes sold counterbalancing for the still unfavourable comparison in terms of prices. Sales amounted to 298.5 thousand tons.
“Sales of cellulosic fibers were reinforced, with around 90% of the total going to international markets, making it possible to take advantage of the price increase recorded since the summer of last year”, highlights José Soares de Pina, CEO of Altri. The upward trend continued in the first quarter, with the price of the PIX pulp index (BHKP) in Europe reaching $1,220 per ton.
Positive dynamics will reinforce profitability
The Altri Group increased the level of production at its three units in Portugal, even considering the scheduled stoppage at the Caima unit during the last month of the first quarter of 2024. Production of cellulosic fibers grew 15% compared to the first quarter of 2023, reaching 275.4 thousand tons.
“The positive dynamics we are seeing in the market, both in terms of demand and prices, allows us to look forward to this second quarter with greater confidence, anticipating an increase in terms of profitability”, says the CEO of Altri. “It is this positive outlook that allows us to present the financial strength to continue with the necessary investments to continue growing in a sustainable way”.
Focus on product diversification
In pursuit of a sustainable growth, the Altri Group maintains its focus on the development of several diversification projects in the various production units. Of those projects, the valorisation of renewable-based acetic acid and furfural in Caima, which should be completed in the end of 2025, stands out.
Regarding the Gama project, in Galicia (Spain), which foresees the construction of an industrial unit from scratch, for the production of dissolving pulp and sustainable textile fibers, we are in the process of obtaining an integrated environmental license, an essential condition for taking final investment decision.
