Norwegian Company Elopak Concludes 2024 with €1.2 Billion in Revenue

Elopak, the Norwegian packaging company, has concluded its 2024 financial year with consolidated revenues of €1.2 billion, marking a 2.2% increase from the previous year. The company achieved an EBITDA margin of 15.2%, according to ESMagazine.

Strong Growth

In line with its dividend policy, Elopak’s board of directors has proposed a dividend of €0.13 per share for the full year 2024.

During the fourth quarter, the company recorded a 6.1% increase in revenue from cartons and closures, primarily driven by the fresh dairy segment in Europe and the Americas.

Elopak generated an EBITDA of €40.8 million, with a margin of 14.4% for the quarter, representing an improvement of €0.7 million, or 1.7%, compared to the previous year.

The company highlighted a key operational achievement: the completion of a second Roll Fed production line at its India facility, effectively doubling production capacity.

Volatile Conditions

Elopak CEO Thomas Körmendi commented on the year’s performance, stating that despite volatile macroeconomic and geopolitical conditions, capacity constraints, and supply chain challenges in the Americas, Elopak has demonstrated resilience.

He emphasized that 2024 was dedicated to executing strategic priorities, including the construction of a new manufacturing plant in the United States, the installation of additional production capacity in India, and the strengthening of the company’s leadership position through its D-PAK carton solutions.

“I am confident in our ability to continue successfully executing our ‘Repackaging Tomorrow’ strategy, positioning ourselves to achieve our objectives in 2025 and beyond,” concluded Körmendi.

Full-Year Performance

For the full year, EBITDA reached €176.1 million, marking an improvement of €5.2 million, while revenues grew by 2.2% compared to the previous year.

Additionally, Elopak’s new production facility in Little Rock, Arkansas, USA, is on schedule to commence production in the first half of 2025, delivered on time and within budget.

In September, Elopak ASA unveiled its revamped ‘Repackaging Tomorrow’ strategy, along with new medium-term targets, during its Capital Markets Day.