Stora Enso reports healthy 2021 annual financial results28 January 2022
Nordic forest products giant Stora Enso has reported an 83% growth in annual pre-tax profits for 2021 to €1.41bn (2020: €773m).
Annual sales for Stora Enso increased by 18.8% to €10.1bn (2020: €8.55bn).
Sales increased by 26.3% to €2.71bn in Q4, 2021, while Q4 pre-tax profits were up 205% on Q3 to €793m.
The wood products division benefited from sustained, historically high price levels and a good market and product mix. Annual divisional sales increased by 35% to €1.87bn (2020: €1.38bn), while Q4, 2021 sales increased by 42% to €510m compared to Q3.
The division’s annual earnings before interest and tax (EBIT) grew by 218% to €364m (2020: €114m).
“Record high prices supported by solid demand and a balanced mix continued to drive topline growth, despite slightly lower classic sawn deliveries,” Stora Enso said.
Stora Enso’s strategic focus market, mass timber construction (cross-laminated timber), continues to grow. A slight decrease in the number of building projects was compensated by an extensive increase in the average project size, based on Stora Enso's current strong project pipeline in office, school and health building types.
The company is currently investing €79m in a new CLT line in the Czech Republic – due to start up during Q3, 2022.
At the Varkaus sawmill, Stora Enso is building a plant to produce wood pellets from sawmill by-products such as cutter chips, dry wood chips and sawdust.