Mondi has released its results for the first half of 2020. Half-year results for the six months ended 30 June 2020 show an underlying EBITDA of €738m with margin of 21.4%. Profit before tax was €466m. Turnover was €3,452m, down from €3,771m in the same period last year.
Andrew King, Mondi Group Chief Executive Officer, said, “Mondi delivered a robust performance in the first half of 2020. This reflects the resilience of our business model, achieved despite starting the year with significantly lower average selling prices across our key pulp and paper grades and the challenges brought by COVID-19.
“We took decisive action in the early stages of the pandemic, moving quickly to safeguard our people, support our communities and protect the profitability, liquidity and cash flow of the business while seeking to ensure we are well placed to benefit when the recovery comes. Sustainable packaging continues to be a long-term priority for our customers and wider society. Going into the second half of 2020, heightened macro-economic uncertainties remain. Pricing across our key paper grades is below or in line with the average of the first half. Demand for packaging daily essentials remains robust while we continue to see weakness in certain industrial end-uses. We have rescheduled planned mill maintenance shuts which will have an impact on the second half of the year. We are confident that the Group will continue to demonstrate its resilience in the event of a prolonged macro-economic downturn, while remaining well-positioned when the recovery takes place. I firmly believe that our embedded safety culture was key in facilitating a fast and effective response to protect our people, communities and business partners during this pandemic. I am incredibly proud of how our teams have risen to the challenge and my thanks go to my colleagues for their endurance, enterprise and ongoing commitment.”
