The Navigator Company keeps profit decline within limits
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The 2023 annual results of The Navigator Company (TNC), Setubal, were significantly lower than in the previous year due to the special circumstances in the market, but the company nevertheless speaks of good results in view of the sharp decline in sales of fine papers.
Variable costs fell in many areas and prices for graphic papers, packaging and tissue remained relatively stable, which, together with the company's diversification strategy, slowed the decline in profits.
With sales of € 1.95 (2022: 2.47) billion, TNC generated EBITDA of € 502 (736) million and an operating profit of € 275 (393) million. After taxes, the result amounts to € 275 (393) million.
With the acquisition of the production site in Zaragoza in the second quarter, Navigator strengthened its market position and the strategic expansion of the Tissue division to create a mainstay independent of paper. It now has 165,000 tonnes per year of production capacity and 180,000 tonnes per year of converting capacity and is the second-largest supplier on the Iberian Peninsula, the company explains. Tissue sales increased considerably, which helped the company to compensate for the declines in paper and pulp.
