Navigator Company reports net income of 274.9 million euros and expands operations
Former Portucel faces financial challenges as Navigator Company seeks new growth opportunities amid pulp price crisis
The Navigator Company is facing the crisis triggered by the decline in pulp prices. According to its latest results presentation to the Portuguese Comissão do Mercado de Valores Mobiliários, the former Portucel reported a net profit of €274.9 million for fiscal year 2023.
On the other hand, Navigator Company experienced a 30% decline in earnings compared to the previous year, although this decline was less than that of its competitor, Altri, whose net profit plummeted 76%.
The company attributes these unfavorable results to lower benchmark pulp prices and falling demand, especially in Europe, during the first half of the year. However, they highlight a gradual improvement from the third quarter onwards, especially in the tissue segment, which maintained a more positive performance.
Despite the difficulties, Navigator has maintained its expansion in Galicia, increasing its presence in the region and seeking new sources of raw material, including the acquisition of timber in Spain, Brazil, Uruguay and Mozambique, in the face of Portugal’s veto on new eucalyptus plantations.
