Iberpapel reported a profit of Euro 47.13 million in 2023, growth of 197.58% from 2022. That figure includes the gain on the sale of forest assets in Uruguay in 2023 of Euro 20.98 million.
Eliminating that non-recurring item, net profit amounted to Euro 26.15 million, growth of 65.12% from 2022, despite the fact that demand slowed considerably in Europe due to high inventory levels, which forced the industry to slow production in general.
In addition, the gas CHP plant had to be idled temporarily due to a lack of profitability in a tremendously volatile market.
Against that backdrop, Iberpapel successfully defended its paper sales prices, so that EBITDA increased by 43.35% in 2023 to Euro 43.29 million.
Revenue amounted to Euro 250.76 million, down 15% from 2022, due to the drop in revenue from both paper (21.84%) and electricity sales (9.34%).
In September 2023, Iberpapel closed the sale of its forest assets (land and cover) in Uruguay for Euro 52.23 million, generating a total net gain of Euro 25.89 million, of which Euro 4.91 million was recognised in 2022 as an increase in the value of the related assets.
Iberpapel is a vertically-integrated paper group. It is one of the leading players in the printing and writing paper segment in Spain.
