Mondi’s income before taxes and interest for the third quarter was €450 million, a 55 percent increase compared to the same period the previous year.

The Weybridge-based FTSE 100 packaging and the paper firm stated that increased average selling prices and overall volume growth helped offset significant cost pressures.

During the quarter, corrugated packaging, flexible packaging, and uncoated fine paper were among the most popular products.

Despite geopolitical and macroeconomic unpredictability as well as ongoing inflationary pressures, the company is ‘confident’ that it will make ‘excellent progress in the coming year.

The bulk of the company’s pulp and paper mills generate the majority of their energy needs internally, mitigating the impact of dramatically higher European gas and electricity prices during the third quarter.

The company’s €1 billion expansionary capital investment program included a €400 million investment in a new 210,000-tonne-per-year kraft paper machine at its flagship Steti mill in the Czech Republic and the acquisition of a mill near Trieste, Italy.

The Russian activities of Mondi have similarly been categorized as held for sale and have ceased operations. The Russian businesses produced a profit after taxes of €104 million (EBITDA of €129 million) during the third quarter of 2022.

Mondi CEO Andrew King commented on this quarter’s results, stating, “Mondi executed strongly in the third quarter. My deepest appreciation goes out to all of my coworkers for their continued flexibility and dedication during difficult times.

‘We continue to cooperate with our clients, paving the route toward a circular economy with our creative and environmentally responsible packaging and paper solutions. We also continue to prioritize operational efficiency and cost management.

Our ambitious expansionary capital investment program is advancing well, as we continue to invest in our cost-advantaged asset base to seize opportunities in our structurally expanding packaging markets, strengthen our competitiveness, and deliver sustainably into the future.

The Mondi Group is comprised of Mondi South Africa, which was created in 1967, and the acquisition of Austrian companies Frantschach and Neusiedler, which were founded in 1881 and 1774, respectively.

Today, the corporation employs over 21,000 individuals across 100 industrial locations in 30 countries, with main operations in Europe, North America, and Africa.