Corticeira Amorim SGPS S A : Cork maker Amorim's profit jumps 63% as COVID-19 rules ease
August 03, 2021 at 12:45 pm EDT
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LISBON, Aug 3 (Reuters) - The world's largest cork products
company, Corticeira Amorim, posted on Tuesday a 63%
jump in second-quarter net profit as the easing of COVID-19
rules boosted its core wine stopper business.
Net profit rose to 23.5 million euros ($27.87 million)
between April and June 2021, when Portugal started to lift
strict coronavirus restrictions, from 14.4 million euros a year
ago, the company said in a statement.
Sales jumped 24.4% to 233.7 million euros from the year-ago
quarter, reflecting increased economic activity and consumption
following the easing of lockdown measures in Portugal and
elsewhere.
"The second quarter of 2021 made a decisive contribution to
this strong performance, offsetting a lower level of activity in
the first three months," the company said.
Cork stoppers' sales jumped 27% as wine markets improved,
particularly in Europe. Earnings before interest, taxes,
depreciation and amortisation rose 49.6% to 45 million euros.
($1 = 0.8431 euros)
(Reporting by Patrícia Vicente Rua, Editing by Catarina Demony
and Richard Chang)
Tracing its roots back to the 19th century, Corticeira Amorim, SGPS, S.A. has become the world's largest cork and cork-derived company in the world, generating more than EUR 985.5 million in sales to more than 100 countries through a network of dozens of fully owned subsidiaries. With a multi-million Euro R&D investment per year, Corticeira Amorim, SGPS, S.A. has applied its specialist knowledge to this centuries-old traditional culture, developing a vast portfolio of products, solutions and materials that are used by blue-chip clients in industries as diverse and demanding as wines & spirits, aerospace, automotive, construction, sports, architecture and design.
Net sales by business unit break down between Cork Stoppers (75.9%), Composite Cork (12%), Floor and Wall Coverings (9.1), Insulation Cork (1.6%) and Raw Materials (1.4%).
Net sales are distributed geographically as follows: Portugal 6.8%), EU excluding Portugal (61.8%), Other European countries (2%), the United States (16.4%), America excluding the United States (6.5%), Australasia (5.1%) and Africa (1.4%).
Corticeira Amorim, SGPS, S.A.'s responsible approach to raw materials and sustainable production illustrates the remarkable interdependence between industry and a vital ecosystem - one of the world's most balanced examples of social, economic and environmental development.
CORTICEIRA AMORIM, SGPS, S.A. 
